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

Shares of RLX Technology Inc. (NYSE:RLX) 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 trading hands.

Wall Street Analyst Weigh In

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

RLX Technology Trading Up 6.4 %

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

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

Institutional Investors Weigh In On RLX Technology

Several hedge funds have recently made changes to their positions in the company. BRIGHT VALLEY CAPITAL Ltd purchased a new stake in shares of RLX Technology in the 4th quarter valued at approximately $19,297,000. Barclays PLC increased its stake in RLX Technology by 5,047.4% in the 4th quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock valued at $12,282,000 after buying an additional 5,575,962 shares during the period. Oasis Management Co Ltd. increased its stake in RLX Technology by 9.5% in the 4th quarter. Oasis Management Co Ltd. now owns 5,592,665 shares of the company’s stock valued at $12,080,000 after buying an additional 484,542 shares during the period. Nomura Holdings Inc. increased its stake in RLX Technology by 86.1% in the 4th quarter. Nomura Holdings Inc. now owns 3,600,987 shares of the company’s stock valued at $7,778,000 after buying an additional 1,665,518 shares during the period. Finally, Millennium Management LLC increased its stake in RLX Technology by 40.1% in the 4th quarter. Millennium Management LLC now owns 3,459,960 shares of the company’s stock valued at $7,474,000 after buying an additional 991,100 shares during the period. Hedge funds and other institutional investors own 22.68% of the company’s stock.

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.