RLX Technology (NYSE:RLX) Shares Down 8.8% – Should You Sell?

RLX Technology Inc. (NYSE:RLX) shares dropped 8.8% during trading on Monday . The company traded as low as $2.22 and last traded at $2.22. Approximately 3,536,386 shares changed hands during trading, a decline of 29% from the average daily volume of 4,998,021 shares. The stock had previously closed at $2.43.

RLX Technology Price Performance

The business has a fifty day moving average price of $2.20 and a 200 day moving average price of $1.89. The company has a market capitalization of $3.60 billion, a price-to-earnings ratio of 57.39 and a beta of 0.97.

Institutional Trading of RLX Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its stake in shares of RLX Technology by 8,292.2% during the third quarter. Point72 Asset Management L.P. now owns 1,313,300 shares of the company’s stock valued at $2,377,000 after acquiring an additional 1,297,651 shares during the period. Franklin Resources Inc. lifted its holdings in shares of RLX Technology by 14.5% in the third quarter. Franklin Resources Inc. now owns 293,830 shares of the company’s stock valued at $497,000 after buying an additional 37,294 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in RLX Technology during the third quarter valued at about $108,000. Point72 Hong Kong Ltd bought a new position in RLX Technology during the third quarter valued at about $2,386,000. Finally, SG Americas Securities LLC grew its holdings in RLX Technology by 7.6% during the fourth quarter. SG Americas Securities LLC now owns 303,215 shares of the company’s stock worth $655,000 after acquiring an additional 21,476 shares during the period. 22.68% of the stock is currently owned by institutional investors.

About RLX Technology

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.