Citigroup Cuts RLX Technology (NYSE:RLX) Price Target to $2.50

RLX Technology (NYSE:RLX) had its price objective decreased by Citigroup from $2.60 to $2.50 in a report issued on Monday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages have also issued reports on RLX. Weiss Ratings reaffirmed a “hold (c)” rating on shares of RLX Technology in a report on Thursday, January 22nd. Wall Street Zen downgraded shares of RLX Technology from a “hold” rating to a “sell” rating in a report on Sunday. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, RLX Technology has an average rating of “Hold” and a consensus target price of $2.50.

RLX Technology Stock Down 2.8%

NYSE RLX opened at $2.30 on Monday. RLX Technology has a twelve month low of $1.66 and a twelve month high of $2.84. The business has a 50-day moving average price of $2.33 and a 200-day moving average price of $2.40. The firm has a market cap of $3.60 billion, a price-to-earnings ratio of 25.50 and a beta of 1.11.

RLX Technology (NYSE:RLX) last issued its earnings results on Friday, March 13th. The company reported $0.03 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.03. RLX Technology had a return on equity of 5.74% and a net margin of 23.27%.The company had revenue of $163.13 million for the quarter, compared to the consensus estimate of $152.06 million.

RLX Technology announced that its Board of Directors has initiated a stock buyback program on Wednesday, December 31st that permits the company to buyback $0.00 in outstanding shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of RLX Technology

A number of large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. lifted its position in RLX Technology by 49.6% in the third quarter. Assenagon Asset Management S.A. now owns 867,842 shares of the company’s stock worth $2,282,000 after buying an additional 287,827 shares during the last quarter. GSA Capital Partners LLP increased its position in RLX Technology by 225.3% during the third quarter. GSA Capital Partners LLP now owns 590,462 shares of the company’s stock valued at $1,553,000 after acquiring an additional 408,974 shares during the last quarter. XTX Topco Ltd raised its stake in shares of RLX Technology by 242.1% in the second quarter. XTX Topco Ltd now owns 333,267 shares of the company’s stock valued at $737,000 after acquiring an additional 235,844 shares during the period. Oasis Management Co Ltd. lifted its holdings in shares of RLX Technology by 5.1% in 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 during the last quarter. Finally, Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in shares of RLX Technology in the 2nd quarter worth about $110,000. 22.68% of the stock is currently owned by institutional investors.

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.