RLX Technology (NYSE:RLX) Downgraded by Wall Street Zen to Sell

by · The Cerbat Gem

Wall Street Zen lowered shares of RLX Technology (NYSE:RLX – Free Report) from a hold rating to a sell rating in a research report report published on Sunday morning.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $2.25.

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RLX Technology Trading Down 1.1%

RLX opened at $2.25 on Friday. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 24.95 and a beta of 1.11. RLX Technology has a 12 month low of $1.66 and a 12 month high of $2.84. The stock has a fifty day moving average price of $2.33 and a 200-day moving average price of $2.40.

RLX Technology (NYSE:RLX – Get Free Report) last issued its quarterly earnings data on Friday, March 13th. The company reported $0.03 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.03. RLX Technology had a return on equity of 5.73% and a net margin of 23.27%.The company had revenue of $163.17 million for the quarter, compared to the consensus estimate of $152.06 million.

RLX Technology announced that its board has approved a stock buyback program on Wednesday, December 31st that authorizes the company to buyback $0.00 in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On RLX Technology

Several hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp purchased a new position in RLX Technology in the 3rd quarter worth $7,900,000. Mariner LLC grew its stake in RLX Technology by 7,564.1% during the 3rd quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock valued at $4,388,000 after purchasing an additional 1,646,706 shares during the last quarter. Capitolis Liquid Global Markets LLC purchased a new stake in RLX Technology during the 4th quarter valued at about $3,519,000. Canada Pension Plan Investment Board increased its holdings in shares of RLX Technology by 53.7% in the second quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock valued at $8,407,000 after purchasing an additional 1,329,500 shares during the period. Finally, Marshall Wace LLP raised its stake in shares of RLX Technology by 82.4% in the third quarter. Marshall Wace LLP now owns 2,067,228 shares of the company’s stock worth $5,437,000 after purchasing an additional 934,135 shares during the last quarter. 22.68% of the stock is owned by institutional investors and hedge funds.

About RLX Technology

(Get Free Report)

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.

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