Wall Street Zen Upgrades RLX Technology (NYSE:RLX) to Hold

RLX Technology (NYSE:RLX) was upgraded by investment analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Monday.

Separately, Weiss Ratings reissued a “hold (c)” rating on shares of RLX Technology in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, RLX Technology presently has a consensus rating of “Hold” and an average price target of $2.25.

RLX Technology Price Performance

Shares of NYSE RLX opened at $2.29 on Monday. RLX Technology has a 1-year low of $1.66 and a 1-year high of $2.84. The company has a market capitalization of $3.59 billion, a price-to-earnings ratio of 32.64 and a beta of 1.10. The business has a 50-day moving average of $2.37 and a 200-day moving average of $2.38.

RLX Technology (NYSE:RLX) last announced its earnings results on Friday, November 14th. The company reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). The company had revenue of $158.63 million for the quarter, compared to analysts’ expectations of $139.99 million. RLX Technology had a net margin of 21.05% and a return on equity of 4.74%.

RLX Technology declared that its board has approved a stock buyback plan on Wednesday, December 31st that allows the company to buyback $0.00 in shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Trading of RLX Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Oasis Management Co Ltd. grew its holdings in RLX Technology by 5.1% during the 3rd quarter. Oasis Management Co Ltd. now owns 6,346,816 shares of the company’s stock worth $16,692,000 after acquiring an additional 309,785 shares in the last quarter. Canada Pension Plan Investment Board lifted its position in shares of RLX Technology by 53.7% during the second quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock worth $8,407,000 after purchasing an additional 1,329,500 shares during the last quarter. Mackenzie Financial Corp acquired a new position in RLX Technology in the third quarter worth about $7,900,000. Marshall Wace LLP increased its holdings in RLX Technology by 82.4% in the third quarter. Marshall Wace LLP now owns 2,067,228 shares of the company’s stock valued at $5,437,000 after buying an additional 934,135 shares during the last quarter. Finally, Mariner LLC increased its holdings in RLX Technology by 7,564.1% in the third quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock valued at $4,388,000 after buying an additional 1,646,706 shares during the last quarter. 22.68% of the stock is owned by institutional investors and hedge funds.

About RLX Technology

RLX Technology Inc (NYSE:RLX) is a China-based company specializing in electronic nicotine delivery systems. The company develops, manufactures and markets closed-pod vaping devices and prefilled cartridges, positioning its products as an alternative to traditional combustible tobacco. RLX emphasizes consistent nicotine delivery, flavor variety and convenience through its proprietary e-liquid formulations and device design.

RLX operates a vertically integrated business model that encompasses research and development, production, quality control and sales.