RLX Technology (NYSE:RLX) Issues Earnings Results

Key Points

• RLX Technology reported earnings of $0.02 per share for the quarter, falling short of analysts' expectations of $0.18, resulting in a miss of ($0.16).
• Citigroup downgraded RLX Technology's target price from $2.50 to $2.25, indicating a "neutral" rating on the stock, while Wall Street Zen rated it a "sell".
• Recent institutional trading showed notable increases in stakes, including a 308.2% increase by Tower Research Capital and a 53.7% increase by Canada Pension Plan Investment Board during the 2nd quarter.

RLX Technology (NYSE:RLX - Get Free Report) released its earnings results on Friday. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.16), Zacks reports. RLX Technology had a net margin of 21.38% and a return on equity of 4.05%.

RLX Technology Stock Performance

NYSE RLX opened at $2.2450 on Friday. The business has a 50 day simple moving average of $2.24 and a 200 day simple moving average of $2.11. RLX Technology has a 52-week low of $1.57 and a 52-week high of $2.69. The stock has a market cap of $3.53 billion, a price-to-earnings ratio of 37.42 and a beta of 1.09.

Analyst Upgrades and Downgrades

RLX has been the topic of a number of research reports. Citigroup cut their target price on shares of RLX Technology from $2.50 to $2.25 and set a "neutral" rating on the stock in a research report on Monday, May 19th. Wall Street Zen downgraded shares of RLX Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 16th. One research analyst has rated the stock with a Hold rating, Based on data from MarketBeat, RLX Technology has a consensus rating of "Hold" and a consensus price target of $2.25.

Institutional Trading of RLX Technology

A number of large investors have recently bought and sold shares of RLX. Tower Research Capital LLC TRC increased its stake in RLX Technology by 308.2% during the 2nd quarter. Tower Research Capital LLC TRC now owns 54,064 shares of the company's stock worth $119,000 after purchasing an additional 40,819 shares in the last quarter. Marshall Wace LLP grew its stake in shares of RLX Technology by 29.3% during the 2nd quarter. Marshall Wace LLP now owns 1,133,093 shares of the company's stock worth $2,504,000 after acquiring an additional 257,103 shares in the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of RLX Technology by 53.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company's stock worth $8,407,000 after acquiring an additional 1,329,500 shares in the last quarter. 22.68% of the stock is owned by institutional investors.

About RLX Technology

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.

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