RLX Technology Inc. (NYSE:RLX) Sees Large Growth in Short Interest

RLX Technology Inc. (NYSE:RLX) was the recipient of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 14,070,000 shares, an increase of 22.7% from the February 28th total of 11,470,000 shares. Based on an average trading volume of 5,960,000 shares, the days-to-cover ratio is presently 2.4 days. Currently, 1.6% of the company’s shares are sold short.

Analysts Set New Price Targets

Separately, Citigroup cut shares of RLX Technology from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $2.80 to $2.50 in a research report on Monday, March 17th.

RLX Technology Trading Up 0.3 %

RLX stock traded up $0.01 during midday trading on Tuesday, hitting $1.89. 2,477,516 shares of the company’s stock were exchanged, compared to its average volume of 4,580,750. RLX Technology has a 1-year low of $1.50 and a 1-year high of $2.69. The stock has a market capitalization of $2.96 billion, a PE ratio of 47.14 and a beta of 0.93. The business has a 50-day simple moving average of $2.22 and a two-hundred day simple moving average of $1.99.

RLX Technology (NYSE:RLX) last posted its earnings results on Friday, March 14th. The company reported $0.01 EPS for the quarter, missing analysts’ consensus estimates of $0.20 by ($0.19). RLX Technology had a net margin of 15.70% and a return on equity of 2.48%. The company had revenue of $111.46 million during the quarter, compared to analyst estimates of $764.69 million.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. BRIGHT VALLEY CAPITAL Ltd acquired a new stake in shares of RLX Technology during the fourth quarter worth about $19,297,000. Barclays PLC lifted its holdings in RLX Technology by 5,047.4% during the 4th quarter. Barclays PLC now owns 5,686,433 shares of the company’s stock worth $12,282,000 after buying an additional 5,575,962 shares in the last quarter. Oasis Management Co Ltd. boosted its position in RLX Technology by 9.5% in the 4th quarter. Oasis Management Co Ltd. now owns 5,592,665 shares of the company’s stock valued at $12,080,000 after buying an additional 484,542 shares during the period. Nomura Holdings Inc. boosted its position in RLX Technology by 86.1% in the 4th quarter. Nomura Holdings Inc. now owns 3,600,987 shares of the company’s stock valued at $7,778,000 after buying an additional 1,665,518 shares during the period. Finally, Millennium Management LLC grew its stake in shares of RLX Technology by 40.1% in the fourth quarter. Millennium Management LLC now owns 3,459,960 shares of the company’s stock worth $7,474,000 after acquiring an additional 991,100 shares in the last quarter. 22.68% of the stock is currently owned by hedge funds and other institutional investors.

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.