RLX Technology (NYSE:RLX) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of RLX Technology (NYSE:RLX) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a report on Thursday, October 15th. Two investment analysts have rated the stock with a Hold rating. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $2.50.

RLX Technology Price Performance

RLX stock opened at $1.59 on Friday. RLX Technology has a fifty-two week low of $1.58 and a fifty-two week high of $2.60. The stock has a market capitalization of $2.47 billion, a price-to-earnings ratio of 15.19 and a beta of 1.14. The business’s fifty day moving average price is $1.71 and its two-hundred day moving average price is $2.01.

RLX Technology (NYSE:RLX) last announced its 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 business had revenue of $148.73 million during the quarter, compared to the consensus estimate of $173.99 million.

Hedge Funds Weigh In On RLX Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RLX. OLP CAPITAL MANAGEMENT Ltd bought a new position in shares of RLX Technology in the first quarter worth $29,013,000. Bank of America Corp DE raised its position in shares of RLX Technology by 113.0% in the 1st quarter. Bank of America Corp DE now owns 2,449,708 shares of the company’s stock valued at $5,389,000 after buying an additional 1,299,828 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of RLX Technology during the 1st quarter worth approximately $1,976,000. Assenagon Asset Management S.A. lifted its holdings in shares of RLX Technology by 105.5% during the 3rd 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 period. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of RLX Technology during the 2nd quarter worth approximately $674,000. 22.68% of the stock is owned by institutional investors and hedge funds.

RLX Technology Company Profile

RLX Technology is a China-based company that develops, manufactures and sells electronic vapor products under the RELX brand. Founded in 2018 by Kate Wang, the company focuses on branded e-cigarettes and related products.

Its offerings include electronic vapor devices, prefilled pods and accessories. RLX also conducts product research and development and supports the manufacturing and distribution of its products.

The company serves customers in China and international markets through retail and distribution channels.