RLX Technology (NYSE:RLX) Sees Strong Trading Volume – Still a Buy?

RLX Technology Inc. Sponsored ADR (NYSE:RLX) saw unusually-high trading volume on Tuesday . 3,018,418 shares were traded during mid-day trading, an increase of 20% from the previous session’s volume of 2,510,469 shares.The stock last traded at $1.9250 and had previously closed at $1.96.

Analysts Set New Price Targets

RLX has been the topic of several recent research reports. Wall Street Zen raised RLX Technology from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Citigroup cut their price objective on RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a research note on Monday, March 16th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, RLX Technology presently has an average rating of “Hold” and an average target price of $2.50.

RLX Technology Trading Up 1.8%

The business’s 50 day moving average is $2.02 and its two-hundred day moving average is $2.19. The company has a market cap of $3.00 billion, a PE ratio of 19.35 and a beta of 1.16.

RLX Technology (NYSE:RLX) last issued its earnings results on Wednesday, May 20th. The company reported $0.03 earnings per share for the quarter, hitting the consensus estimate of $0.03. The company had revenue of $230.01 million during the quarter, compared to the consensus estimate of $166.99 million. RLX Technology had a net margin of 20.76% and a return on equity of 6.15%.

Institutional Trading of RLX Technology

Several institutional investors have recently made changes to their positions in RLX. Vanguard Group Inc. raised its stake in RLX Technology by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 27,144,029 shares of the company’s stock valued at $63,246,000 after purchasing an additional 206,347 shares during the period. OLP CAPITAL MANAGEMENT Ltd bought a new position in RLX Technology in the 1st quarter worth approximately $29,013,000. Perseverance Asset Management International boosted its stake in RLX Technology by 4.4% in the 4th quarter. Perseverance Asset Management International now owns 7,790,928 shares of the company’s stock worth $18,153,000 after purchasing an additional 325,361 shares during the period. Oasis Management Co Ltd. lifted its holdings in shares of RLX Technology by 2.4% in the fourth quarter. Oasis Management Co Ltd. now owns 6,497,600 shares of the company’s stock worth $15,139,000 after buying an additional 150,784 shares in the last quarter. Finally, Mackenzie Financial Corp lifted its holdings in shares of RLX Technology by 40.4% in the fourth quarter. Mackenzie Financial Corp now owns 4,218,617 shares of the company’s stock worth $9,642,000 after buying an additional 1,214,766 shares in the last quarter. Hedge funds and other institutional investors own 22.68% of the company’s stock.

About RLX Technology

RLX Technology Inc (NYSE:RLX) is a China-based company specializing in electronic nicotine delivery systems. The company develops, manufactures and markets closed-pod vaping devices and prefilled cartridges, positioning its products as an alternative to traditional combustible tobacco. RLX emphasizes consistent nicotine delivery, flavor variety and convenience through its proprietary e-liquid formulations and device design.

RLX operates a vertically integrated business model that encompasses research and development, production, quality control and sales.