Citigroup Issues Pessimistic Forecast for RLX Technology (NYSE:RLX) Stock Price

RLX Technology (NYSE:RLX) had its price objective reduced by analysts at Citigroup from $2.50 to $2.25 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Citigroup’s price objective suggests a potential upside of 13.64% from the company’s current price.

RLX Technology Trading Up 1.0%

Shares of RLX Technology stock opened at $1.98 on Monday. The firm has a market cap of $3.11 billion, a PE ratio of 49.51 and a beta of 1.03. The stock has a 50 day moving average of $1.86 and a 200 day moving average of $2.01. RLX Technology has a 12 month low of $1.50 and a 12 month high of $2.69.

RLX Technology (NYSE:RLX) last issued its quarterly earnings data on Friday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.15). RLX Technology had a return on equity of 2.48% and a net margin of 15.70%. The firm had revenue of $111.35 million for the quarter, compared to analysts’ expectations of $763.38 million.

Hedge Funds Weigh In On RLX Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. First Beijing Investment Ltd grew its position in RLX Technology by 75.6% in the first quarter. First Beijing Investment Ltd now owns 41,036,045 shares of the company’s stock worth $77,148,000 after acquiring an additional 17,661,160 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of RLX Technology by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 27,935,598 shares of the company’s stock worth $52,519,000 after purchasing an additional 156,350 shares during the period. BRIGHT VALLEY CAPITAL Ltd boosted its holdings in shares of RLX Technology by 7.5% in the 1st quarter. BRIGHT VALLEY CAPITAL Ltd now owns 9,605,371 shares of the company’s stock worth $18,058,000 after purchasing an additional 671,639 shares during the period. Barclays PLC increased its position in shares of RLX Technology by 5,047.4% during the 4th quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock valued at $12,282,000 after purchasing an additional 5,575,962 shares during the last quarter. Finally, Oasis Management Co Ltd. raised its holdings in RLX Technology by 9.5% during the 4th quarter. Oasis Management Co Ltd. now owns 5,592,665 shares of the company’s stock valued at $12,080,000 after buying an additional 484,542 shares during the period. 22.68% of the stock is owned by hedge funds and other institutional investors.

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.