RLX Technology (NYSE:RLX) Reaches New 52-Week Low – Here’s Why

RLX Technology Inc. Sponsored ADR (NYSE:RLX)’s share price hit a new 52-week low during trading on Friday . The company traded as low as $1.96 and last traded at $1.9750, with a volume of 327656 shares changing hands. The stock had previously closed at $2.02.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on RLX shares. Wall Street Zen raised shares of RLX Technology from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Finally, Citigroup cut their target price on shares of RLX Technology from $2.60 to $2.50 and set a “neutral” rating on the stock in a report on Monday, March 16th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, RLX Technology presently has an average rating of “Hold” and a consensus price target of $2.50.

RLX Technology Trading Down 0.2%

The firm has a market capitalization of $3.12 billion, a price-to-earnings ratio of 20.15 and a beta of 1.13. The stock’s 50 day moving average price is $2.14 and its two-hundred day moving average price is $2.27.

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

Institutional Investors Weigh In On RLX Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Bank of America Corp DE lifted 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 valued at $5,389,000 after purchasing an additional 1,299,828 shares in the last quarter. OLP CAPITAL MANAGEMENT Ltd purchased a new position in RLX Technology in the 1st quarter valued at about $29,013,000. Renaissance Technologies LLC acquired a new position in shares of RLX Technology during the 1st quarter valued at about $1,976,000. Sei Investments Co. acquired a new position in shares of RLX Technology during the 1st quarter valued at about $687,000. Finally, Dimensional Fund Advisors LP acquired a new stake in RLX Technology in the first quarter valued at approximately $32,000. 22.68% of the stock is currently owned by hedge funds and other institutional investors.

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.