RLX Technology (NYSE:RLX) Sees Unusually-High Trading Volume – What’s Next?

Shares of RLX Technology Inc. Sponsored ADR (NYSE:RLX) saw strong trading volume on Tuesday . Approximately 3,018,418 shares changed hands during trading, an increase of 20% from the previous session’s volume of 2,510,469 shares.The stock last traded at $1.9250 and had previously closed at $1.96.

Wall Street Analyst Weigh In

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

RLX Technology Trading Down 2.3%

The stock has a market cap of $2.97 billion, a P/E ratio of 19.15 and a beta of 1.16. The firm’s fifty day moving average is $2.04 and its 200 day moving average is $2.19.

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

Institutional Trading of RLX Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. OLP CAPITAL MANAGEMENT Ltd acquired a new position in shares of RLX Technology during the first quarter worth approximately $29,013,000. Pictet Asset Management Holding SA grew its stake in shares of RLX Technology by 1,517.6% in the first quarter. Pictet Asset Management Holding SA now owns 3,752,344 shares of the company’s stock worth $8,255,000 after acquiring an additional 3,520,377 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of RLX Technology in the third quarter worth $7,900,000. Mariner LLC increased its position in RLX Technology by 7,564.1% during the third quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock worth $4,388,000 after acquiring an additional 1,646,706 shares during the period. Finally, Capitolis Liquid Global Markets LLC bought a new position in RLX Technology during the fourth quarter worth $3,519,000. Institutional investors and hedge funds own 22.68% of the company’s stock.

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.