Business

RLX Technology Inc. Sees 3.9% Drop in Shares

On Monday, RLX Technology Inc. (NYSE: RLX) experienced a 3.9% decrease in its share value during trading. The stock hit a low of $1.99 and closed at the same price. A total of 2,006,852 shares were traded during mid-day activities, marking a significant 69% decline from the average session volume of 6,484,232 shares. The previous closing price stood at $2.07.

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Analysts Adjust Price Targets RLX Technology

Recent assessments from several equity analysts shed light on RLX’s performance. Citigroup, on March 18th, revised its target price for RLX Technology from $2.40 to $2.76, maintaining a “buy” rating. Similarly, TheStreet upgraded RLX from a “d” rating to a “c-” on the same day.

Market Performance and Metrics

RLX Technology exhibits a 50-day moving average of $1.91 and a 200-day moving average of $1.84. With a market capitalization of $3.16 billion, the company’s price-to-earnings ratio stands at 40.21, and its beta registers at 0.98.

Institutional Investment Activities

Various institutional investors and hedge funds have recently adjusted their positions regarding RLX. Notably, US Bancorp DE increased its stake in RLX Technology by 43.3% during the fourth quarter, now holding 30,179 shares valued at $60,000. Similarly, Squarepoint Ops LLC augmented its position by 25.9%, owning 53,603 shares worth $123,000. Creative Planning also boosted its holding by 13.7%, now possessing 93,900 shares valued at $188,000. Additionally, PNC Financial Services Group Inc. and Apollon Wealth Management LLC entered the scene, acquiring new positions worth $27,000 and $38,000, respectively. Overall, institutional investors and hedge funds collectively own 22.68% of RLX stock.

Company Overview

RLX Technology Inc., along with its subsidiaries, operates in the e-vapor product manufacturing and sales sector in China. Founded in 2018, the company, headquartered in Beijing, caters to partner distributors and retail outlets.

Investment Considerations

Despite RLX Technology currently holding a “Buy” rating among analysts, MarketBeat’s top-rated analysts have identified five alternative stocks that they recommend for investment opportunities. RLX Technology did not make it to this list. Investors are advised to conduct thorough research and analysis before considering investment options.

In Conclusion

RLX Technology Inc. witnessed a 3.9% decline in share value on Monday, with trading activity significantly below average. Analysts have adjusted price targets and ratings, while institutional investors and hedge funds have shown varying levels of interest in the company. RLX Technology operates in the e-vapor product market in China, serving partner distributors and retail outlets. While the company has a “Buy” rating among analysts, investors are encouraged to explore alternative investment options recommended by MarketBeat’s top-rated analysts.

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