Pinpoint Asset Management Ltd Decreases Stake in 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 lowered its position in shares of RLX Technology Inc. Sponsored ADR (NYSE:RLX - Free Report) by 72.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

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

RLX Technology Stock Up 0.2%

Shares of RLX stock traded up $0.01 during trading hours on Monday, hitting $2.23. 687,572 shares of the company's stock traded hands, compared to its average volume of 4,716,087. The stock's fifty day simple moving average is $2.23 and its two-hundred day simple moving average is $2.11. RLX Technology Inc. Sponsored ADR has a 12-month low of $1.56 and a 12-month high of $2.69. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of 37.09 and a beta of 1.09.

RLX Technology (NYSE:RLX - Get Free Report) last issued its earnings results on Friday, May 16th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate 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 Analysts Forecast Growth

RLX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded RLX Technology from a "sell" rating to a "hold" rating in a research report on Saturday, July 12th. Citigroup lowered their price objective on RLX Technology from $2.50 to $2.25 and set a "neutral" rating on the stock in a research 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.