RLX Technology (NYSE:RLX) Shares Down 3.6% – Here’s What Happened

RLX Technology Inc. (NYSE:RLX)’s stock price fell 3.6% during trading on Wednesday . The company traded as low as $2.02 and last traded at $2.02. 11,635,733 shares traded hands during mid-day trading, an increase of 153% from the average session volume of 4,595,661 shares. The stock had previously closed at $2.09.

Wall Street Analysts Forecast Growth

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

RLX Technology Trading Down 3.6 %

The company’s fifty day moving average is $2.27 and its 200 day moving average is $1.97. The company has a market cap of $3.17 billion, a P/E ratio of 50.39 and a beta of 0.93.

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

Institutional Investors Weigh In On RLX Technology

Institutional investors have recently added to or reduced their stakes in the company. Centiva Capital LP purchased a new stake in shares of RLX Technology in the 3rd quarter worth about $29,000. Janney Montgomery Scott LLC purchased a new stake in shares of RLX Technology in the 4th quarter worth about $31,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of RLX Technology in the 4th quarter worth about $42,000. Boothbay Fund Management LLC purchased a new stake in shares of RLX Technology in the 4th quarter worth about $43,000. Finally, Catalina Capital Group LLC purchased a new stake in shares of RLX Technology in the 4th quarter worth about $63,000. Hedge funds and other institutional investors own 22.68% of the company’s stock.

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.