Citigroup Downgrades RLX Technology (NYSE:RLX) to Neutral

RLX Technology (NYSE:RLX) was downgraded by stock analysts at Citigroup from a “buy” rating to a “neutral” rating in a note issued to investors on Monday,Briefing.com Automated Import reports. They presently have a $2.50 target price on the stock, down from their previous target price of $2.80. Citigroup’s price objective would suggest a potential upside of 10.86% from the company’s current price.

RLX Technology Trading Down 4.0 %

RLX Technology stock opened at $2.26 on Monday. RLX Technology has a 1-year low of $1.50 and a 1-year high of $2.69. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 56.39 and a beta of 0.93. The firm’s fifty day moving average price is $2.28 and its two-hundred day moving average price is $1.96.

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

Institutional Investors Weigh In On RLX Technology

Large investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC bought a new stake in RLX Technology in the 4th quarter valued at about $31,000. Centiva Capital LP purchased a new stake in shares of RLX Technology during the 3rd quarter valued at approximately $29,000. Mirae Asset Global Investments Co. Ltd. bought a new position in RLX Technology in the 4th quarter worth approximately $42,000. Boothbay Fund Management LLC purchased a new position in RLX Technology in the 4th quarter valued at approximately $43,000. Finally, Catalina Capital Group LLC bought a new stake in RLX Technology during the 4th quarter valued at $63,000. 22.68% of the stock is owned by hedge funds and other institutional investors.

RLX Technology Company Profile

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.