Citigroup Issues Pessimistic Forecast for RLX Technology (NYSE:RLX) Stock Price

RLX Technology (NYSE:RLX) had its price target cut by analysts at Citigroup from $2.60 to $2.50 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price points to a potential upside of 7.99% from the stock’s previous close.

A number of other brokerages have also issued reports on RLX. Wall Street Zen lowered shares of RLX Technology from a “hold” rating to a “sell” rating in a research note on Sunday. Weiss Ratings reiterated a “hold (c)” rating on shares of RLX Technology in a report on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.50.

RLX Technology Stock Up 2.9%

Shares of RLX traded up $0.07 during trading hours on Monday, reaching $2.32. The company’s stock had a trading volume of 4,573,937 shares, compared to its average volume of 2,458,480. The company has a 50 day moving average of $2.33 and a two-hundred day moving average of $2.40. The firm has a market cap of $3.64 billion, a price-to-earnings ratio of 25.73 and a beta of 1.11. RLX Technology has a 1-year low of $1.66 and a 1-year high of $2.84.

RLX Technology (NYSE:RLX) last posted its quarterly earnings results on Friday, March 13th. The company reported $0.03 EPS for the quarter, hitting the consensus estimate of $0.03. The business had revenue of $163.13 million during the quarter, compared to analysts’ expectations of $152.06 million. RLX Technology had a net margin of 23.27% and a return on equity of 5.73%.

RLX Technology declared that its board has approved a share repurchase program on Wednesday, December 31st that permits the company to repurchase $0.00 in outstanding shares. This repurchase authorization permits the company to buy shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional Trading of RLX Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Mackenzie Financial Corp increased its stake in shares of RLX Technology by 40.4% during the 4th quarter. Mackenzie Financial Corp now owns 4,218,617 shares of the company’s stock worth $9,642,000 after purchasing an additional 1,214,766 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of RLX Technology in the 4th quarter valued at $167,000. XTX Topco Ltd lifted its stake in shares of RLX Technology by 152.6% in the 4th quarter. XTX Topco Ltd now owns 390,880 shares of the company’s stock valued at $911,000 after purchasing an additional 236,153 shares during the last quarter. Millennium Management LLC boosted its holdings in RLX Technology by 15.6% in the fourth quarter. Millennium Management LLC now owns 207,609 shares of the company’s stock worth $484,000 after purchasing an additional 28,052 shares in the last quarter. Finally, Capitolis Liquid Global Markets LLC bought a new stake in RLX Technology in the fourth quarter worth $3,519,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.

RLX Technology Company Profile

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.