RLX Technology (NYSE:RLX) Cut to Neutral at Citigroup

Citigroup downgraded shares of RLX Technology (NYSE:RLX) from a buy rating to a neutral rating in a research report sent to investors on Monday morning, Marketbeat Ratings reports. Citigroup currently has $2.50 price target on the stock, down from their prior price target of $2.80.

RLX Technology Stock Down 3.6 %

NYSE RLX opened at $2.02 on Monday. The firm has a 50-day moving average price of $2.27 and a 200 day moving average price of $1.97. The stock has a market capitalization of $3.17 billion, a P/E ratio of 50.39 and a beta of 0.93. RLX Technology has a 52-week low of $1.50 and a 52-week high of $2.69.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC acquired a new position in shares of RLX Technology during the 4th quarter valued at about $31,000. Centiva Capital LP acquired a new stake in shares of RLX Technology during the third quarter worth approximately $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of RLX Technology in the 4th quarter valued at about $42,000. Boothbay Fund Management LLC bought a new stake in shares of RLX Technology in the 4th quarter valued at approximately $43,000. Finally, Catalina Capital Group LLC bought a new position in shares of RLX Technology in the 4th quarter worth about $63,000. 22.68% of the stock is currently owned by hedge funds and other institutional investors.

About RLX Technology

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.