RLX Technology Inc. Sponsored ADR (NYSE:RLX – Get Free Report)’s stock price traded up 5.5% during mid-day trading on Wednesday . The stock traded as high as $2.01 and last traded at $2.0050. 960,369 shares were traded during trading, a decline of 62% from the average session volume of 2,533,799 shares. The stock had previously closed at $1.90.
Wall Street Analysts Forecast Growth
RLX has been the topic of a number of recent analyst reports. Wall Street Zen upgraded RLX Technology from a “sell” rating to a “hold” rating in a report on Saturday, March 28th. Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a research note on Tuesday, April 21st. Finally, Citigroup lowered their price target on RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a report on Monday, March 16th. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat, RLX Technology presently has an average rating of “Hold” and an average price target of $2.50.
Check Out Our Latest Stock Report on RLX
RLX Technology Trading Up 2.3%
RLX Technology (NYSE:RLX – Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The company reported $0.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.03. The firm had revenue of $230.01 million during the quarter, compared to analysts’ expectations of $166.99 million. RLX Technology had a net margin of 20.76% and a return on equity of 6.15%.
Hedge Funds Weigh In On RLX Technology
A number of hedge funds and other institutional investors have recently made changes to their positions in RLX. Bank of America Corp DE raised its stake in RLX Technology by 113.0% during 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 acquiring an additional 1,299,828 shares during the last quarter. OLP CAPITAL MANAGEMENT Ltd purchased a new position in shares of RLX Technology in the 1st quarter valued at approximately $29,013,000. Renaissance Technologies LLC purchased a new position in shares of RLX Technology in the 1st quarter valued at approximately $1,976,000. Sei Investments Co. purchased a new position in shares of RLX Technology in the 1st quarter valued at approximately $687,000. Finally, Dimensional Fund Advisors LP acquired a new position in shares of RLX Technology in the first quarter valued at approximately $32,000. Hedge funds and other 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.
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