Bank of America Corp DE Purchases 1,299,828 Shares of RLX Technology Inc. Sponsored ADR $RLX

Key Points

• Bank of America more than doubled its RLX Technology stake in the first quarter, purchasing 1,299,828 additional shares to own 2,449,708 shares, or 0.16% of the company.
• RLX shares opened at $1.80, near their 12-month low of $1.76, while the company’s latest quarterly results missed expectations: EPS was $0.03 versus $0.09 expected, and revenue was $148.73 million versus $173.99 million expected.
• Analyst sentiment remains cautious, with RLX carrying a consensus “Hold” rating and a $2.50 average price target; Wall Street Zen recently downgraded the stock to “Sell.”

Bank of America Corp DE raised its holdings in shares of RLX Technology Inc. Sponsored ADR (NYSE:RLX - Free Report) by 113.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,449,708 shares of the company's stock after purchasing an additional 1,299,828 shares during the quarter. Bank of America Corp DE owned 0.16% of RLX Technology worth $5,389,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of RLX. Vanguard Group Inc. raised its position in RLX Technology by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 27,144,029 shares of the company's stock valued at $63,246,000 after buying an additional 206,347 shares during the last quarter. OLP CAPITAL MANAGEMENT Ltd bought a new position in RLX Technology in the 1st quarter valued at $29,013,000. Perseverance Asset Management International grew its stake in RLX Technology by 4.4% in the 4th quarter. Perseverance Asset Management International now owns 7,790,928 shares of the company's stock valued at $18,153,000 after purchasing an additional 325,361 shares during the period. Oasis Management Co Ltd. boosted its holdings in shares of RLX Technology by 2.4% in the 4th quarter. Oasis Management Co Ltd. now owns 6,497,600 shares of the company's stock worth $15,139,000 after buying an additional 150,784 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in shares of RLX Technology by 40.4% in the 4th quarter. Mackenzie Financial Corp now owns 4,218,617 shares of the company's stock worth $9,642,000 after buying an additional 1,214,766 shares during the last quarter. Institutional investors and hedge funds own 22.68% of the company's stock.

RLX Technology Stock Up 0.8%

Shares of RLX opened at $1.80 on Friday. RLX Technology Inc. Sponsored ADR has a twelve month low of $1.76 and a twelve month high of $2.84. The stock has a market cap of $2.80 billion, a PE ratio of 17.19 and a beta of 1.20. The business's 50-day moving average price is $1.94 and its 200-day moving average price is $2.10.

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

Wall Street Analyst Weigh In

RLX has been the topic of several research reports. Wall Street Zen lowered shares of RLX Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 22nd. Weiss Ratings reissued a "hold (c)" rating on shares of RLX Technology in a report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, RLX Technology presently has a consensus rating of "Hold" and an average price target of $2.50.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source