RLX Technology Inc. (NYSE:RLX - Get Free Report)'s stock price gapped down before the market opened on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $2.35, but opened at $2.29. RLX Technology shares last traded at $2.26, with a volume of 2,749,902 shares changing hands.
The company reported $0.01 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $764.69 million.
Wall Street Analysts Forecast Growth
Separately, Citigroup downgraded shares of RLX Technology from a "buy" rating to a "neutral" rating and cut their target price for the stock from $2.80 to $2.50 in a research report on Monday.
Read Our Latest Stock Report on RLX
Hedge Funds Weigh In On RLX Technology
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RLX. Mariner LLC lifted its stake in RLX Technology by 0.3% in the fourth quarter. Mariner LLC now owns 1,671,840 shares of the company's stock valued at $3,611,000 after buying an additional 4,987 shares during the period. Barclays PLC boosted its stake in shares of RLX Technology by 5.0% during the 3rd quarter. Barclays PLC now owns 110,471 shares of the company's stock worth $200,000 after acquiring an additional 5,267 shares during the period. Bank of America Corp DE boosted its stake in shares of RLX Technology by 6.0% during the 4th quarter. Bank of America Corp DE now owns 166,949 shares of the company's stock worth $361,000 after acquiring an additional 9,512 shares during the period. Marshall Wace LLP lifted its holdings in RLX Technology by 3.9% during the 4th quarter. Marshall Wace LLP now owns 267,606 shares of the company's stock worth $578,000 after purchasing an additional 10,071 shares during the last quarter. Finally, Janney Montgomery Scott LLC acquired a new position in RLX Technology in the 4th quarter valued at $31,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.
RLX Technology Stock Performance
The company has a fifty day simple moving average of $2.27 and a two-hundred day simple moving average of $1.96. The stock has a market capitalization of $3.28 billion, a price-to-earnings ratio of 52.14 and a beta of 0.93.
About RLX Technology
(
Get Free Report)
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.
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