RLX Technology (NYSE:RLX) Sees Large Volume Increase – Here’s What Happened

RLX Technology Inc. (NYSE:RLX) shares saw unusually-high trading volume on Monday . Approximately 6,572,226 shares traded hands 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.

Analyst Ratings Changes

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

RLX Technology Price Performance

The stock’s fifty day moving average is $2.28 and its 200-day moving average is $1.96. The stock has a market cap of $3.20 billion, a PE ratio of 50.89 and a beta of 0.93.

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

Institutional Investors Weigh In On RLX Technology

A number of hedge funds have recently modified their holdings of the company. BRIGHT VALLEY CAPITAL Ltd purchased a new stake in shares of RLX Technology in the fourth quarter valued at about $19,297,000. Barclays PLC boosted its stake 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 buying an additional 5,575,962 shares during the period. Oasis Management Co Ltd. boosted its stake in RLX Technology by 9.5% during the fourth quarter. Oasis Management Co Ltd. now owns 5,592,665 shares of the company’s stock worth $12,080,000 after buying an additional 484,542 shares during the period. Nomura Holdings Inc. boosted its stake 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 buying an additional 1,665,518 shares during the period. Finally, Millennium Management LLC boosted its stake in RLX Technology by 40.1% during the fourth quarter. Millennium Management LLC now owns 3,459,960 shares of the company’s stock worth $7,474,000 after buying an additional 991,100 shares during the period. Hedge funds and other institutional investors 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.