RLX Technology (NYSE:RLX) Reaches New 12-Month Low – Here’s What Happened

RLX Technology Inc. Sponsored ADR (NYSE:RLX) shares hit a new 52-week low during mid-day trading on Wednesday. The company traded as low as $1.59 and last traded at $1.5950, with a volume of 1,386,059 shares changing hands. The stock had previously closed at $1.63.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on RLX. Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a research note on Thursday, October 15th. Wall Street Zen upgraded RLX Technology from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Two investment analysts have rated the stock with a Hold rating. According to MarketBeat, RLX Technology currently has a consensus rating of “Hold” and a consensus price target of $2.50.

RLX Technology Stock Performance

The business’s 50 day moving average is $1.73 and its 200 day moving average is $2.04. The company has a market capitalization of $2.50 billion, a price-to-earnings ratio of 15.38 and a beta of 1.14.

RLX Technology (NYSE:RLX) last issued its quarterly earnings results on Friday, August 14th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.06). RLX Technology had a return on equity of 6.20% and a net margin of 20.24%. The company had revenue of $148.73 million for the quarter, compared to analysts’ expectations of $173.99 million.

Hedge Funds Weigh In On RLX Technology

Several hedge funds have recently modified their holdings of the stock. OLP CAPITAL MANAGEMENT Ltd bought a new stake in shares of RLX Technology in the 1st quarter valued at $29,013,000. Pictet Asset Management Holding SA lifted its position in shares of RLX Technology by 1,517.6% during the 1st quarter. Pictet Asset Management Holding SA now owns 3,752,344 shares of the company’s stock valued at $8,255,000 after buying an additional 3,520,377 shares during the last quarter. Bank of America Corp DE boosted its holdings in RLX Technology by 113.0% in the 1st quarter. Bank of America Corp DE now owns 2,449,708 shares of the company’s stock worth $5,389,000 after buying an additional 1,299,828 shares during the period. Assenagon Asset Management S.A. increased its position in shares of RLX Technology by 105.5% during the third quarter. Assenagon Asset Management S.A. now owns 1,495,059 shares of the company’s stock valued at $2,542,000 after buying an additional 767,549 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of RLX Technology in the first quarter worth $1,976,000. Institutional investors own 22.68% of the company’s stock.

RLX Technology Company Profile

RLX Technology Inc is a China-based consumer technology company focused on the design, development and sale of vaping products. The company operates primarily through its RELX brand, which offers electronic vaporizer devices, replacement pods and related accessories in a variety of flavors and formats.

Founded in 2018 and headquartered in Beijing, RLX Technology has developed capabilities spanning product research and development, atomization technology, manufacturing, marketing and distribution.