RLX Technology (NYSE:RLX) Reaches New 12-Month Low – Here’s What Happened

RLX Technology Inc. Sponsored ADR (NYSE:RLX)’s share price hit a new 52-week low during trading on Wednesday . The stock traded as low as $1.81 and last traded at $1.8550, with a volume of 211718 shares trading hands. The stock had previously closed at $1.83.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on RLX shares. Citigroup lowered their price objective on shares of RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a research note on Monday, March 16th. Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Finally, Wall Street Zen raised shares of RLX Technology from a “sell” rating to a “hold” rating in a research report on Saturday, March 28th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $2.50.

RLX Technology Stock Performance

The stock has a fifty day moving average price of $2.07 and a 200-day moving average price of $2.22. The firm has a market capitalization of $2.75 billion, a PE ratio of 17.75 and a beta of 1.13.

RLX Technology (NYSE:RLX) last released its quarterly earnings results on Wednesday, May 20th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. RLX Technology had a return on equity of 6.15% and a net margin of 20.76%.The firm had revenue of $230.01 million during the quarter, compared to analyst estimates of $166.99 million.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Public Employees Retirement System of Ohio raised its stake in shares of RLX Technology by 2.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 380,820 shares of the company’s stock worth $887,000 after acquiring an additional 8,509 shares in the last quarter. Franklin Resources Inc. boosted its stake in RLX Technology by 2.2% in the third quarter. Franklin Resources Inc. now owns 482,778 shares of the company’s stock valued at $1,270,000 after acquiring an additional 10,522 shares in the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in RLX Technology in the fourth quarter worth $26,000. Insigneo Advisory Services LLC acquired a new position in shares of RLX Technology during the fourth quarter worth $29,000. Finally, AXQ Capital LP acquired a new position in shares of RLX Technology during the fourth quarter worth $30,000. Hedge funds and other institutional investors own 22.68% of the company’s stock.

RLX Technology Company Profile

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.