RLX Technology (NYSE:RLX) Downgraded by Citigroup to Neutral

Citigroup lowered 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 reports. Citigroup currently has $2.50 price target on the stock, down from their prior price target of $2.80.

RLX Technology Price Performance

Shares of NYSE:RLX opened at $1.96 on Monday. The business’s 50 day simple moving average is $2.27 and its 200 day simple moving average is $1.96. RLX Technology has a 1 year low of $1.50 and a 1 year high of $2.69. The company has a market capitalization of $3.08 billion, a P/E ratio of 49.09 and a beta of 0.93.

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

Institutional Investors Weigh In On RLX Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in RLX. Janney Montgomery Scott LLC bought a new position in shares of RLX Technology in the fourth quarter worth about $31,000. Centiva Capital LP bought a new position in RLX Technology in the 3rd quarter valued at approximately $29,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in RLX Technology in the fourth quarter valued at approximately $42,000. Boothbay Fund Management LLC bought a new stake in shares of RLX Technology during the fourth quarter worth $43,000. Finally, Catalina Capital Group LLC acquired a new position in shares of RLX Technology during the fourth quarter worth $63,000. 22.68% of the stock is currently owned by 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.