RLX Technology (NYSE:RLX) Sets New 52-Week Low - Here's Why

Key Points

• RLX Technology shares fell to a new 52-week low of $1.6429, below the prior close of $1.68, with the stock trading beneath both its 50-day and 200-day moving averages.
• The company’s latest quarterly results missed analyst expectations: EPS was $0.03 versus a $0.09 consensus estimate, while revenue of $148.73 million fell short of the $173.99 million forecast.
• Analysts maintain a generally cautious outlook, with two Hold ratings and an average price target of $2.50; institutional investors own 22.68% of the company, with several funds recently increasing their positions.

RLX Technology Inc. Sponsored ADR (NYSE:RLX - Get Free Report)'s share price hit a new 52-week low on Wednesday. The company traded as low as $1.6429 and last traded at $1.6450, with a volume of 180,167 shares trading hands. The stock had previously closed at $1.68.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RLX. Wall Street Zen upgraded shares of RLX Technology from a "sell" rating to a "hold" rating in a report on Saturday, September 19th. Weiss Ratings reissued a "hold (c)" rating on shares of RLX Technology in a report on Thursday, October 15th. Two equities research analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, RLX Technology currently has an average rating of "Hold" and an average price target of $2.50.

RLX Technology Stock Performance

The business's fifty day moving average is $1.77 and its 200-day moving average is $1.95. The firm has a market cap of $2.63 billion, a P/E ratio of 16.14 and a beta of 1.14.

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

Institutional Trading of RLX Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Assenagon Asset Management S.A. raised its position in shares of RLX Technology by 105.5% during the third quarter. Assenagon Asset Management S.A. now owns 1,495,059 shares of the company's stock worth $2,542,000 after acquiring an additional 767,549 shares during the last quarter. WINTON GROUP Ltd boosted its holdings in RLX Technology by 177.7% in the second quarter. WINTON GROUP Ltd now owns 117,910 shares of the company's stock valued at $224,000 after acquiring an additional 75,443 shares during the last quarter. Engineers Gate Manager LP bought a new stake in RLX Technology in the second quarter valued at approximately $71,000. Headlands Technologies LLC boosted its holdings in RLX Technology by 26.0% in the second quarter. Headlands Technologies LLC now owns 69,479 shares of the company's stock valued at $132,000 after acquiring an additional 14,350 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in RLX Technology during the 2nd quarter valued at approximately $674,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.

About RLX Technology

RLX Technology Inc is a China-based consumer technology company focused on the design, development and sale of vaping products. The company operates primarily through its RELX brand, which offers electronic vaporizer devices, replacement pods and related accessories in a variety of flavors and formats.

Founded in 2018 and headquartered in Beijing, RLX Technology has developed capabilities spanning product research and development, atomization technology, manufacturing, marketing and distribution.

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.