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

Shares of RLX Technology Inc. Sponsored ADR (NYSE:RLX) saw unusually-high trading volume on Tuesday . Approximately 1,734,323 shares changed hands during mid-day trading, a decline of 22% from the previous session’s volume of 2,229,186 shares.The stock last traded at $2.1050 and had previously closed at $2.17.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RLX. Wall Street Zen raised RLX Technology from a “sell” rating to a “hold” rating in a research note on Saturday, March 28th. Weiss Ratings reiterated a “hold (c)” rating on shares of RLX Technology in a research report on Tuesday, April 21st. Finally, Citigroup dropped their price objective on RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a report on Monday, March 16th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, RLX Technology currently has an average rating of “Hold” and a consensus price target of $2.50.

RLX Technology Stock Performance

The company has a 50-day moving average price of $2.19 and a 200-day moving average price of $2.30. The firm has a market capitalization of $3.28 billion, a P/E ratio of 23.50 and a beta of 1.16.

RLX Technology (NYSE:RLX) last released its quarterly earnings data on Saturday, February 14th. The company reported $0.03 EPS for the quarter. RLX Technology had a return on equity of 5.74% and a net margin of 23.27%.The business had revenue of $163.13 million during the quarter.

Hedge Funds Weigh In On RLX Technology

Several institutional investors and hedge funds have recently made changes to their positions in RLX. Marshall Wace LLP increased its holdings in shares of RLX Technology by 29.3% in the second quarter. Marshall Wace LLP now owns 1,133,093 shares of the company’s stock worth $2,504,000 after acquiring an additional 257,103 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in shares of RLX Technology by 53.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock valued at $8,407,000 after purchasing an additional 1,329,500 shares in the last quarter. Tower Research Capital LLC TRC grew its position in shares of RLX Technology by 308.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 54,064 shares of the company’s stock valued at $119,000 after purchasing an additional 40,819 shares during the period. Profund Advisors LLC grew its position in shares of RLX Technology by 21.0% in the 3rd quarter. Profund Advisors LLC now owns 40,305 shares of the company’s stock valued at $106,000 after purchasing an additional 7,006 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in RLX Technology by 11,091.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 808,589 shares of the company’s stock worth $2,127,000 after buying an additional 801,364 shares during the period. Institutional investors and hedge funds own 22.68% of the company’s stock.

RLX Technology Company Profile

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.