RLX Technology (NYSE:RLX) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of RLX Technology (NYSE:RLX) from a buy rating to a neutral rating in a report released on Monday morning, MarketBeat reports. Citigroup currently has $2.50 target price on the stock, down from their prior target price of $2.80.

RLX Technology Stock Down 13.1 %

Shares of NYSE:RLX opened at $1.96 on Monday. The stock has a market cap of $3.08 billion, a price-to-earnings ratio of 49.09 and a beta of 0.93. The business’s 50 day moving average is $2.27 and its 200 day moving average is $1.96. RLX Technology has a 12-month low of $1.50 and a 12-month high of $2.69.

RLX Technology (NYSE:RLX) last posted its earnings results on Friday, March 14th. The company reported $0.01 earnings per share (EPS) 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 the consensus estimate of $764.69 million. RLX Technology had a return on equity of 2.48% and a net margin of 15.70%.

Institutional Trading of RLX Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Mariner LLC grew its stake in RLX Technology by 0.3% in the 4th quarter. Mariner LLC now owns 1,671,840 shares of the company’s stock valued at $3,611,000 after purchasing an additional 4,987 shares during the period. Barclays PLC boosted its holdings in shares of RLX Technology by 5.0% in the 3rd quarter. Barclays PLC now owns 110,471 shares of the company’s stock worth $200,000 after buying an additional 5,267 shares during the last quarter. Bank of America Corp DE grew its position in RLX Technology by 6.0% during the fourth quarter. Bank of America Corp DE now owns 166,949 shares of the company’s stock valued at $361,000 after buying an additional 9,512 shares during the period. Marshall Wace LLP increased its holdings in RLX Technology by 3.9% during the fourth quarter. Marshall Wace LLP now owns 267,606 shares of the company’s stock worth $578,000 after buying an additional 10,071 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new stake in RLX Technology in the fourth quarter worth about $31,000. 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.