RLX Technology (NYSE:RLX) Sees Strong Trading Volume – Here’s What Happened

RLX Technology Inc. (NYSE:RLX) shares saw unusually-high trading volume on Monday . Approximately 6,572,226 shares were traded during mid-day trading, an increase of 26% from the previous session’s volume of 5,208,013 shares.The stock last traded at $1.96 and had previously closed at $2.26.

Wall Street Analyst Weigh In

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

RLX Technology Stock Up 6.4 %

The company has a market cap of $3.28 billion, a price-to-earnings ratio of 52.14 and a beta of 0.93. The company’s fifty day moving average price is $2.27 and its two-hundred day moving average price is $1.97.

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 the consensus estimate of $0.20 by ($0.19). The company had revenue of $111.46 million during the quarter, compared to analyst estimates of $764.69 million. RLX Technology had a net margin of 15.70% and a return on equity of 2.48%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in RLX. BRIGHT VALLEY CAPITAL Ltd acquired a new position in RLX Technology during the fourth quarter worth $19,297,000. Barclays PLC boosted its holdings in RLX Technology by 5,047.4% during the fourth quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock worth $12,282,000 after purchasing an additional 5,575,962 shares during the last quarter. Man Group plc boosted its holdings in RLX Technology by 118.8% during the fourth quarter. Man Group plc now owns 3,165,638 shares of the company’s stock worth $6,838,000 after purchasing an additional 1,718,816 shares during the last quarter. Nomura Holdings Inc. boosted its holdings in RLX Technology by 86.1% during the fourth quarter. Nomura Holdings Inc. now owns 3,600,987 shares of the company’s stock worth $7,778,000 after purchasing an additional 1,665,518 shares during the last quarter. Finally, Point72 Hong Kong Ltd acquired a new position in RLX Technology during the third quarter worth $2,386,000. Institutional investors and hedge funds 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.