RLX Technology (NYSE:RLX) Rating Lowered to “Sell” at Wall Street Zen

RLX Technology (NYSE:RLX) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.

Separately, Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a research note on Wednesday, October 8th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $2.25.

RLX Technology Trading Down 0.2%

Shares of NYSE RLX opened at $2.27 on Tuesday. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of 32.36 and a beta of 1.10. The business has a fifty day simple moving average of $2.36 and a 200 day simple moving average of $2.38. RLX Technology has a one year low of $1.66 and a one year high of $2.84.

RLX Technology (NYSE:RLX) last announced its quarterly earnings data on Friday, November 14th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.01). RLX Technology had a net margin of 21.05% and a return on equity of 4.74%. The business had revenue of $158.63 million during the quarter, compared to analyst estimates of $139.99 million.

RLX Technology declared that its Board of Directors has approved a stock repurchase program on Wednesday, December 31st that allows the company to repurchase $0.00 in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On RLX Technology

A number of institutional investors and hedge funds have recently bought and sold shares of RLX. JPMorgan Chase & Co. grew its holdings in shares of RLX Technology by 11,091.5% during the third quarter. JPMorgan Chase & Co. now owns 808,589 shares of the company’s stock worth $2,127,000 after purchasing an additional 801,364 shares during the last quarter. Virtus Advisers LLC acquired a new stake in RLX Technology in the 3rd quarter valued at about $115,000. Public Employees Retirement System of Ohio raised its stake in shares of RLX Technology by 15.3% in the third quarter. Public Employees Retirement System of Ohio now owns 372,311 shares of the company’s stock worth $979,000 after acquiring an additional 49,295 shares during the last quarter. Numerai GP LLC acquired a new position in shares of RLX Technology during the third quarter worth approximately $185,000. Finally, Mariner LLC grew its stake in shares of RLX Technology by 7,564.1% during the third quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock valued at $4,388,000 after purchasing an additional 1,646,706 shares during the last quarter. 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.