Pinpoint Asset Management Ltd Sells 128,113 Shares of RLX Technology Inc. Sponsored ADR (NYSE:RLX)

Key Points

• Pinpoint Asset Management Ltd reduced its stake in RLX Technology Inc. by 72% in the first quarter, owning 49,850 shares valued at $94,000 after selling 128,113 shares.
• RLX Technology reported earnings per share of $0.02, missing analysts' consensus estimate of $0.17, with revenue of $111.35 million compared to expectations of $763.38 million.
• Several brokerages have adjusted their ratings for RLX Technology, with Citigroup lowering its price target from $2.50 to $2.25 and assigning a "neutral" rating, while Wall Street Zen upgraded the stock from "sell" to "hold."

Pinpoint Asset Management Ltd decreased its stake in RLX Technology Inc. Sponsored ADR (NYSE:RLX - Free Report) by 72.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 49,850 shares of the company's stock after selling 128,113 shares during the period. Pinpoint Asset Management Ltd's holdings in RLX Technology were worth $94,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Boothbay Fund Management LLC purchased a new position in RLX Technology in the fourth quarter worth $43,000. Headlands Technologies LLC lifted its stake in RLX Technology by 411.8% during the first quarter. Headlands Technologies LLC now owns 25,766 shares of the company's stock worth $48,000 after purchasing an additional 20,732 shares during the last quarter. Bayesian Capital Management LP purchased a new position in shares of RLX Technology in the 4th quarter worth about $82,000. Two Sigma Advisers LP boosted its holdings in shares of RLX Technology by 192.7% in the 4th quarter. Two Sigma Advisers LP now owns 55,900 shares of the company's stock worth $121,000 after purchasing an additional 36,800 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of RLX Technology by 28.3% during the 4th quarter. Russell Investments Group Ltd. now owns 69,217 shares of the company's stock valued at $150,000 after purchasing an additional 15,280 shares during the last quarter. Institutional investors own 22.68% of the company's stock.

RLX Technology Stock Down 0.9%

Shares of NYSE:RLX traded down $0.02 on Friday, hitting $2.22. The company had a trading volume of 697,979 shares, compared to its average volume of 2,077,117. The firm's 50-day simple moving average is $2.23 and its two-hundred day simple moving average is $2.11. The firm has a market capitalization of $3.49 billion, a price-to-earnings ratio of 37.01 and a beta of 1.09. RLX Technology Inc. Sponsored ADR has a 1 year low of $1.55 and a 1 year high of $2.69.

RLX Technology (NYSE:RLX - Get Free Report) last posted its quarterly earnings data on Friday, May 16th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.17 by ($0.15). The firm had revenue of $111.35 million during the quarter, compared to the consensus estimate of $763.38 million. RLX Technology had a return on equity of 4.05% and a net margin of 21.38%.

Wall Street Analyst Weigh In

Several research analysts have commented on RLX shares. Wall Street Zen raised shares of RLX Technology from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Citigroup reduced their target price on shares of RLX Technology from $2.50 to $2.25 and set a "neutral" rating on the stock in a report on Monday, May 19th.

RLX Technology Profile

RLX Technology Inc, together with its subsidiaries, engages in the manufacture and sale of e-vapor products in the People's Republic of China and internationally. It serves partner distributors and retail outlets. The company was founded in 2018 and is headquartered in Beijing, China.