RLX Technology (NYSE:RLX) Shares Gap Up – Here’s What Happened

RLX Technology Inc. Sponsored ADR (NYSE:RLX) gapped up prior to trading on Wednesday . The stock had previously closed at $2.10, but opened at $2.22. RLX Technology shares last traded at $2.1150, with a volume of 1,368,200 shares changing hands.

Wall Street Analyst Weigh In

Several research firms have weighed in on RLX. Weiss Ratings reiterated a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Wall Street Zen upgraded shares of RLX Technology from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Citigroup cut their target price on shares of RLX Technology from $2.60 to $2.50 and set a “neutral” rating on the stock in a report on Monday, March 16th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $2.50.

RLX Technology Stock Down 0.7%

The company’s fifty day simple moving average is $2.18 and its two-hundred day simple moving average is $2.30. The company has a market capitalization of $3.23 billion, a price-to-earnings ratio of 23.17 and a beta of 1.16.

RLX Technology (NYSE:RLX) last posted its earnings results on Saturday, February 14th. The company reported $0.03 earnings per share for the quarter. The company had revenue of $163.13 million for the quarter. RLX Technology had a net margin of 23.27% and a return on equity of 5.74%.

Institutional Investors Weigh In On RLX Technology

Several large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of RLX Technology by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 27,144,029 shares of the company’s stock worth $63,246,000 after acquiring an additional 206,347 shares in the last quarter. OLP CAPITAL MANAGEMENT Ltd bought a new stake in shares of RLX Technology during the first quarter worth $29,013,000. Perseverance Asset Management International increased its position in shares of RLX Technology by 4.4% during the fourth quarter. Perseverance Asset Management International now owns 7,790,928 shares of the company’s stock worth $18,153,000 after acquiring an additional 325,361 shares in the last quarter. Oasis Management Co Ltd. increased its position in shares of RLX Technology by 2.4% during the fourth quarter. Oasis Management Co Ltd. now owns 6,497,600 shares of the company’s stock worth $15,139,000 after acquiring an additional 150,784 shares in the last quarter. Finally, Mackenzie Financial Corp increased its position in shares of RLX Technology by 40.4% during the fourth quarter. Mackenzie Financial Corp now owns 4,218,617 shares of the company’s stock worth $9,642,000 after acquiring an additional 1,214,766 shares in the last quarter. Institutional investors own 22.68% of the company’s stock.

About RLX Technology

RLX Technology Inc (NYSE:RLX) is a China-based company specializing in electronic nicotine delivery systems. The company develops, manufactures and markets closed-pod vaping devices and prefilled cartridges, positioning its products as an alternative to traditional combustible tobacco. RLX emphasizes consistent nicotine delivery, flavor variety and convenience through its proprietary e-liquid formulations and device design.

RLX operates a vertically integrated business model that encompasses research and development, production, quality control and sales.