RLX Technology (NYSE:RLX) Shares Gap Up – Still a Buy?

RLX Technology Inc. (NYSE:RLX)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $1.96, but opened at $2.04. RLX Technology shares last traded at $2.08, with a volume of 2,295,717 shares changing hands.

Analyst Ratings Changes

Separately, Citigroup downgraded shares of RLX Technology from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $2.80 to $2.50 in a research report on Monday.

RLX Technology Trading Up 6.4 %

The stock has a market cap of $3.28 billion, a P/E ratio of 52.14 and a beta of 0.93. The firm’s 50-day simple moving average is $2.27 and its 200 day simple moving average is $1.96.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Mariner LLC boosted its holdings in shares of RLX Technology by 0.3% in the fourth quarter. Mariner LLC now owns 1,671,840 shares of the company’s stock valued at $3,611,000 after acquiring an additional 4,987 shares in the last quarter. Barclays PLC lifted its stake in RLX Technology by 5.0% during the third quarter. Barclays PLC now owns 110,471 shares of the company’s stock valued at $200,000 after purchasing an additional 5,267 shares during the last quarter. Bank of America Corp DE lifted its stake in RLX Technology by 6.0% during the fourth quarter. Bank of America Corp DE now owns 166,949 shares of the company’s stock valued at $361,000 after purchasing an additional 9,512 shares during the last quarter. Marshall Wace LLP lifted its stake in RLX Technology by 3.9% during the fourth quarter. Marshall Wace LLP now owns 267,606 shares of the company’s stock valued at $578,000 after purchasing an additional 10,071 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in RLX Technology during the fourth quarter valued at approximately $31,000. 22.68% of the stock is currently owned by institutional investors.

RLX Technology Company Profile

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.