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.

Analysts Set New Price Targets

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

RLX Technology Stock Up 6.4 %

The stock has a market cap of $3.28 billion, a price-to-earnings ratio of 52.14 and a beta of 0.93. The business’s 50 day simple moving average is $2.27 and its 200 day simple moving average is $1.97.

RLX Technology (NYSE:RLX) last announced its quarterly earnings results on Friday, March 14th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). The firm 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%.

Hedge Funds Weigh In On RLX Technology

Several large investors have recently modified their holdings of RLX. BRIGHT VALLEY CAPITAL Ltd bought a new position in shares of RLX Technology in the fourth quarter valued at about $19,297,000. Barclays PLC raised its position in shares of RLX Technology by 5,047.4% in the fourth quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock valued at $12,282,000 after purchasing an additional 5,575,962 shares during the period. Man Group plc raised its position in shares of RLX Technology by 118.8% in the fourth quarter. Man Group plc now owns 3,165,638 shares of the company’s stock valued at $6,838,000 after purchasing an additional 1,718,816 shares during the period. Nomura Holdings Inc. raised its position in shares of RLX Technology by 86.1% in the fourth quarter. Nomura Holdings Inc. now owns 3,600,987 shares of the company’s stock valued at $7,778,000 after purchasing an additional 1,665,518 shares during the period. Finally, Point72 Hong Kong Ltd bought a new position in shares of RLX Technology in the third quarter valued at about $2,386,000. 22.68% of the stock is 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.