RLX Technology Inc. Sponsored ADR (NYSE:RLX – Get Free Report)’s stock price was down 5.9% on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $1.85 and last traded at $1.8250. Approximately 1,479,334 shares changed hands during trading, a decline of 39% from the average session volume of 2,427,041 shares. The stock had previously closed at $1.94.
The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.06). The business had revenue of $148.73 million during the quarter, compared to analyst estimates of $173.99 million. RLX Technology had a net margin of 20.24% and a return on equity of 6.22%.
Analyst Upgrades and Downgrades
Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLX Technology in a research note on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $2.50.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the company. OLP CAPITAL MANAGEMENT Ltd purchased a new stake in RLX Technology during the first quarter worth about $29,013,000. Pictet Asset Management Holding SA grew its holdings in shares of RLX Technology by 1,517.6% in the first quarter. Pictet Asset Management Holding SA now owns 3,752,344 shares of the company’s stock valued at $8,255,000 after purchasing an additional 3,520,377 shares in the last quarter. Mackenzie Financial Corp acquired a new position in shares of RLX Technology in the third quarter valued at approximately $7,900,000. Mariner LLC increased 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 worth $4,388,000 after buying an additional 1,646,706 shares during the period. Finally, Capitolis Liquid Global Markets LLC purchased a new stake in RLX Technology during the 4th quarter worth approximately $3,519,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.
RLX Technology Trading Down 5.9%
The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of 17.38 and a beta of 1.20. The stock’s fifty day simple moving average is $1.96 and its 200-day simple moving average is $2.13.
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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