RLX Technology (NYSE:RLX) Sees Unusually-High Trading Volume - Here's Why

RLX Technology Inc. (NYSE:RLX - Get Free Report) shares saw unusually-strong 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.

Analyst Upgrades and Downgrades

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

RLX Technology Stock Performance

The firm has a market capitalization of $3.28 billion, a P/E ratio of 52.14 and a beta of 0.93. The firm has a 50 day moving average price of $2.27 and a two-hundred day moving average price of $1.97.

RLX Technology (NYSE:RLX - Get Free Report) last released its quarterly earnings results on Friday, March 14th. The company reported $0.01 earnings per share for the quarter, missing analysts' consensus estimates of $0.20 by ($0.19). The company 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%.

Institutional Investors Weigh In On RLX Technology

A number of large investors have recently made changes to their positions in the company. Mariner LLC grew its position in RLX Technology by 0.3% during the 4th quarter. Mariner LLC now owns 1,671,840 shares of the company's stock worth $3,611,000 after purchasing an additional 4,987 shares in the last quarter. Barclays PLC boosted its position in shares of RLX Technology by 5.0% in the third quarter. Barclays PLC now owns 110,471 shares of the company's stock worth $200,000 after buying an additional 5,267 shares during the period. Bank of America Corp DE grew its holdings in shares of RLX Technology by 6.0% during the fourth quarter. Bank of America Corp DE now owns 166,949 shares of the company's stock valued at $361,000 after buying an additional 9,512 shares in the last quarter. Marshall Wace LLP raised its position in RLX Technology by 3.9% during the fourth quarter. Marshall Wace LLP now owns 267,606 shares of the company's stock valued at $578,000 after buying an additional 10,071 shares during the period. Finally, Janney Montgomery Scott LLC purchased a new stake in RLX Technology in the 4th quarter worth about $31,000. Institutional investors and hedge funds own 22.68% of the company's stock.

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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.