RLX Technology (NYSE:RLX) Stock Price Down 2.7% – Here’s Why

Shares of RLX Technology Inc. (NYSE:RLX) were down 2.7% on Friday . The stock traded as low as $1.80 and last traded at $1.84. Approximately 6,763,990 shares changed hands during trading, an increase of 57% from the average daily volume of 4,306,317 shares. The stock had previously closed at $1.89.

RLX Technology Price Performance

The stock has a fifty day simple moving average of $1.69 and a 200-day simple moving average of $1.82. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 37.80 and a beta of 0.92.

RLX Technology (NYSE:RLX) last posted its earnings results on Friday, August 16th. The company reported $0.01 earnings per share (EPS) for the quarter. The firm had revenue of $86.30 million during the quarter. RLX Technology had a net margin of 18.25% and a return on equity of 2.48%.

Institutional Investors Weigh In On RLX Technology

Institutional investors have recently modified their holdings of the business. SG Americas Securities LLC raised its holdings in RLX Technology by 7,420.4% in the 2nd quarter. SG Americas Securities LLC now owns 4,729,553 shares of the company’s stock worth $8,702,000 after purchasing an additional 4,666,663 shares during the period. Point72 Europe London LLP purchased a new position in shares of RLX Technology during the 4th quarter valued at approximately $616,000. Susquehanna Fundamental Investments LLC purchased a new position in shares of RLX Technology during the 2nd quarter valued at approximately $146,000. Bank of New York Mellon Corp grew its stake in RLX Technology by 36.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 39,615 shares of the company’s stock valued at $73,000 after acquiring an additional 10,596 shares during the period. Finally, Profund Advisors LLC purchased a new stake in RLX Technology in the 2nd quarter worth $72,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.

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.