RLX Technology (NYSE:RLX) Shares Gap Up – What’s Next?

RLX Technology Inc. Sponsored ADR (NYSE:RLX) shares gapped up before the market opened on Wednesday . The stock had previously closed at $2.10, but opened at $2.22. RLX Technology shares last traded at $2.1150, with a volume of 1,368,200 shares traded.

Wall Street Analysts Forecast Growth

RLX has been the topic of several analyst reports. Weiss Ratings reiterated a “hold (c)” rating on shares of RLX Technology in a report on Tuesday, April 21st. Citigroup cut their target price on shares of RLX Technology from $2.60 to $2.50 and set a “neutral” rating on the stock in a report on Monday, March 16th. Finally, Wall Street Zen upgraded shares of RLX Technology from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $2.50.

RLX Technology Trading Up 2.1%

The firm’s 50 day simple moving average is $2.18 and its 200-day simple moving average is $2.29. The stock has a market capitalization of $3.32 billion, a price-to-earnings ratio of 21.45 and a beta of 1.16.

RLX Technology (NYSE:RLX) last announced its quarterly earnings data on Wednesday, May 20th. The company reported $0.03 EPS for the quarter, meeting analysts’ consensus estimates of $0.03. RLX Technology had a net margin of 20.76% and a return on equity of 6.19%. The company had revenue of $230.01 million during the quarter, compared to the consensus estimate of $166.99 million.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Profund Advisors LLC grew its position in shares of RLX Technology by 21.0% in the 3rd quarter. Profund Advisors LLC now owns 40,305 shares of the company’s stock valued at $106,000 after acquiring an additional 7,006 shares during the period. Public Employees Retirement System of Ohio grew its position in shares of RLX Technology by 2.3% in the 4th quarter. Public Employees Retirement System of Ohio now owns 380,820 shares of the company’s stock valued at $887,000 after acquiring an additional 8,509 shares during the period. Franklin Resources Inc. grew its position in shares of RLX Technology by 2.2% in the 3rd quarter. Franklin Resources Inc. now owns 482,778 shares of the company’s stock valued at $1,270,000 after acquiring an additional 10,522 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in shares of RLX Technology during the 4th quarter worth about $26,000. Finally, Insigneo Advisory Services LLC bought a new stake in shares of RLX Technology during the 4th quarter worth about $29,000. Institutional investors own 22.68% of the company’s stock.

About RLX Technology

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.