RLX Technology (NYSE:RLX) Reaches New 1-Year Low - Here's What Happened

Key Points

• RLX Technology shares fell to a new 52-week low of $1.76, down 2.7% from the prior close, with the stock trading below both its 50-day and 200-day moving averages.
• Analysts maintain a consensus “Hold” rating and a $2.50 price target, although Wall Street Zen recently downgraded the stock to “Sell.”
• The company’s latest quarter missed expectations, reporting EPS of $0.03 versus $0.09 expected and revenue of $148.73 million versus the $173.99 million consensus estimate.

RLX Technology Inc. Sponsored ADR (NYSE:RLX - Get Free Report) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $1.76 and last traded at $1.7650, with a volume of 1612881 shares changing hands. The stock had previously closed at $1.83.

Analysts Set New Price Targets

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

RLX Technology Stock Down 2.7%

The stock's 50-day simple moving average is $1.93 and its 200 day simple moving average is $2.09. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 16.95 and a beta of 1.20.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of RLX. OLP CAPITAL MANAGEMENT Ltd purchased a new position in RLX Technology during the 1st quarter valued at about $29,013,000. Renaissance Technologies LLC purchased a new stake in RLX Technology during the first quarter worth about $1,976,000. Perseverance Asset Management International increased its stake in RLX Technology by 4.4% during the fourth quarter. Perseverance Asset Management International now owns 7,790,928 shares of the company's stock worth $18,153,000 after purchasing an additional 325,361 shares during the period. Bank of America Corp DE lifted its position in shares of RLX Technology by 113.0% during the first quarter. Bank of America Corp DE now owns 2,449,708 shares of the company's stock worth $5,389,000 after purchasing an additional 1,299,828 shares in the last quarter. Finally, Sei Investments Co. acquired a new stake in shares of RLX Technology during the first quarter worth about $687,000. 22.68% of the stock is currently owned by hedge funds and other institutional investors.

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