RLX Technology (NYSE:RLX) Stock Price Down 1.9% – What’s Next?

RLX Technology Inc. (NYSE:RLX)’s share price traded down 1.9% during trading on Wednesday . The stock traded as low as $1.76 and last traded at $1.81. 6,349,350 shares changed hands during trading, an increase of 36% from the average session volume of 4,678,916 shares. The stock had previously closed at $1.84.

Wall Street Analysts Forecast Growth

Separately, Citigroup downgraded RLX Technology from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $2.80 to $2.50 in a report on Monday, March 17th.

RLX Technology Trading Down 3.8 %

The company has a market cap of $2.78 billion, a price-to-earnings ratio of 44.26 and a beta of 1.03. The stock’s 50-day moving average is $2.18 and its 200-day moving average is $1.99.

RLX Technology (NYSE:RLX) last announced its quarterly earnings data on Friday, March 14th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). RLX Technology had a net margin of 15.70% and a return on equity of 2.48%. The firm had revenue of $111.46 million during the quarter, compared to analyst estimates of $764.69 million.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RLX. Centiva Capital LP bought a new position in shares of RLX Technology during the third quarter valued at about $29,000. Janney Montgomery Scott LLC purchased a new stake in RLX Technology in the 4th quarter valued at about $31,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of RLX Technology during the 4th quarter worth approximately $42,000. Boothbay Fund Management LLC purchased a new position in shares of RLX Technology in the 4th quarter worth approximately $43,000. Finally, Catalina Capital Group LLC purchased a new position in RLX Technology in the fourth quarter worth $63,000. Hedge funds and other institutional investors own 22.68% of the company’s stock.

About RLX Technology

RLX Technology Inc, together with its subsidiaries, engages in the manufacture and sale of e-vapor products in the People's Republic of China and internationally. It serves partner distributors and retail outlets. The company was founded in 2018 and is headquartered in Beijing, China.