Citigroup Issues Pessimistic Forecast for RLX Technology (NYSE:RLX) Stock Price

RLX Technology (NYSE:RLX) had its target price dropped by analysts at Citigroup from $2.60 to $2.50 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Citigroup’s target price would suggest a potential upside of 6.61% from the company’s previous close.

Several other research firms also recently commented on RLX. Wall Street Zen downgraded RLX Technology from a “hold” rating to a “sell” rating in a report on Sunday. Weiss Ratings reiterated a “hold (c)” rating on shares of RLX Technology in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, RLX Technology has an average rating of “Hold” and an average price target of $2.50.

RLX Technology Trading Up 2.9%

RLX stock opened at $2.35 on Monday. The stock’s 50 day simple moving average is $2.33 and its 200 day simple moving average is $2.40. RLX Technology has a 12-month low of $1.66 and a 12-month high of $2.84. The stock has a market capitalization of $3.68 billion, a PE ratio of 26.06 and a beta of 1.11.

RLX Technology (NYSE:RLX) last posted its earnings results on Friday, March 13th. The company reported $0.03 EPS for the quarter, hitting analysts’ consensus estimates of $0.03. RLX Technology had a return on equity of 5.74% and a net margin of 23.27%.The business had revenue of $163.13 million during the quarter, compared to analyst estimates of $152.06 million.

RLX Technology announced that its board has approved a stock buyback plan on Wednesday, December 31st that permits the company to buyback $0.00 in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. XTX Topco Ltd lifted its position in RLX Technology by 242.1% during 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 last quarter. Pinpoint Asset Management Singapore Pte. Ltd. purchased a new position in RLX Technology in the second quarter worth $110,000. Quadrature Capital Ltd increased its position in shares of RLX Technology by 229.0% during the second quarter. Quadrature Capital Ltd now owns 88,297 shares of the company’s stock worth $195,000 after purchasing an additional 61,459 shares in the last quarter. Marshall Wace LLP increased its position in shares of RLX Technology by 29.3% during the second quarter. Marshall Wace LLP now owns 1,133,093 shares of the company’s stock worth $2,504,000 after purchasing an additional 257,103 shares in the last quarter. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of RLX Technology by 53.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock valued at $8,407,000 after purchasing an additional 1,329,500 shares during the last quarter. Institutional investors own 22.68% of the company’s stock.

RLX Technology Company Profile

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.