RLX Technology (NYSE:RLX) Stock Price Down 3.6% – Here’s Why

Shares of RLX Technology Inc. (NYSE:RLX) dropped 3.6% on Wednesday . The company traded as low as $2.02 and last traded at $2.02. Approximately 11,635,733 shares were traded during trading, an increase of 153% from the average daily volume of 4,595,661 shares. The stock had previously closed at $2.09.

Analyst Ratings Changes

Separately, Citigroup downgraded RLX Technology from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $2.80 to $2.50 in a report on Monday.

RLX Technology Stock Performance

The business has a 50-day moving average price of $2.26 and a 200 day moving average price of $1.97. The stock has a market capitalization of $3.12 billion, a P/E ratio of 49.64 and a beta of 0.93.

RLX Technology (NYSE:RLX) last issued its quarterly earnings results on Friday, March 14th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). RLX Technology had a return on equity of 2.48% and a net margin of 15.70%. The company had revenue of $111.46 million during the quarter, compared to the consensus estimate of $764.69 million.

Institutional Trading of RLX Technology

Hedge funds have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its position in shares of RLX Technology by 8,292.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,313,300 shares of the company’s stock worth $2,377,000 after purchasing an additional 1,297,651 shares in the last quarter. Franklin Resources Inc. lifted its position in RLX Technology by 14.5% in the 3rd quarter. Franklin Resources Inc. now owns 293,830 shares of the company’s stock valued at $497,000 after acquiring an additional 37,294 shares in the last quarter. Hosking Partners LLP lifted its position in RLX Technology by 24.8% in the 4th quarter. Hosking Partners LLP now owns 981,533 shares of the company’s stock valued at $2,120,000 after acquiring an additional 194,770 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in RLX Technology in the 3rd quarter valued at approximately $108,000. Finally, Point72 Hong Kong Ltd bought a new position in RLX Technology in the 3rd quarter valued at approximately $2,386,000. 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.