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

RLX Technology Inc. (NYSE:RLX) gapped up before the market opened on Tuesday . The stock had previously closed at $1.96, but opened at $2.04. RLX Technology shares last traded at $2.08, with a volume of 2,295,717 shares traded.

Analysts Set New Price Targets

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

RLX Technology Stock Down 3.6 %

The stock’s fifty day simple moving average is $2.27 and its 200-day simple moving average is $1.97. The company has a market capitalization of $3.17 billion, a PE ratio of 50.39 and a beta of 0.93.

RLX Technology (NYSE:RLX) last released its quarterly earnings data 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 during 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 Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new stake in RLX Technology in the 4th quarter valued at about $31,000. Centiva Capital LP acquired a new stake in shares of RLX Technology in the third quarter valued at approximately $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of RLX Technology in the fourth quarter valued at approximately $42,000. Boothbay Fund Management LLC purchased a new position in shares of RLX Technology during the 4th quarter worth approximately $43,000. Finally, Catalina Capital Group LLC acquired a new position in shares of RLX Technology during the 4th quarter worth approximately $63,000. Institutional investors and hedge funds 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.