RLX Technology (NYSE:RLX) Raised to Hold at Wall Street Zen

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

A number of other analysts have also recently weighed in on the company. Citigroup decreased their price objective on RLX Technology from $2.60 to $2.50 and set a “neutral” rating for the company in a research report on Monday, March 16th. Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $2.50.

RLX Technology Stock Up 0.2%

Shares of NYSE RLX opened at $2.13 on Friday. The business has a 50-day moving average price of $2.31 and a 200 day moving average price of $2.37. The stock has a market cap of $3.34 billion, a PE ratio of 23.61 and a beta of 1.11. RLX Technology has a 52-week low of $1.66 and a 52-week high of $2.84.

RLX Technology (NYSE:RLX) last announced its earnings results on Saturday, February 14th. The company reported $0.03 EPS for the quarter. RLX Technology had a net margin of 23.27% and a return on equity of 5.74%. The business had revenue of $163.13 million for the quarter.

RLX Technology declared that its board has authorized 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 a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On RLX Technology

A number of institutional investors have recently made changes to their positions in the stock. Mackenzie Financial Corp purchased a new position in shares of RLX Technology during the third quarter valued at approximately $7,900,000. Mariner LLC grew its stake in RLX Technology by 7,564.1% in the 3rd quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock worth $4,388,000 after acquiring an additional 1,646,706 shares during the period. Capitolis Liquid Global Markets LLC purchased a new stake in RLX Technology in the 4th quarter worth approximately $3,519,000. Canada Pension Plan Investment Board raised its holdings in RLX Technology by 53.7% in 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 acquiring an additional 1,329,500 shares during the last quarter. Finally, Marshall Wace LLP raised its holdings in RLX Technology by 82.4% in the 3rd quarter. Marshall Wace LLP now owns 2,067,228 shares of the company’s stock valued at $5,437,000 after acquiring an additional 934,135 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.