RLX Technology Inc. Sponsored ADR (NYSE:RLX) Sees Large Decrease in Short Interest

RLX Technology Inc. Sponsored ADR (NYSE:RLX) was the recipient of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 3,925,665 shares, a drop of 19.7% from the January 15th total of 4,888,851 shares. Based on an average daily volume of 2,706,177 shares, the days-to-cover ratio is currently 1.5 days. Approximately 0.5% of the shares of the stock are sold short. Approximately 0.5% of the shares of the stock are sold short. Based on an average daily volume of 2,706,177 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on RLX. Weiss Ratings restated a “hold (c)” rating on shares of RLX Technology in a report on Thursday, January 22nd. Wall Street Zen lowered shares of RLX Technology from a “hold” rating to a “sell” rating in a report on Tuesday, January 20th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat, RLX Technology currently has a consensus rating of “Hold” and an average price target of $2.25.

Institutional Investors Weigh In On RLX Technology

A number of hedge funds have recently added to or reduced their stakes in RLX. Mackenzie Financial Corp acquired a new position in shares of RLX Technology in the third quarter worth $7,900,000. Mariner LLC grew its stake in RLX Technology by 7,564.1% during the 3rd quarter. Mariner LLC now owns 1,668,476 shares of the company’s stock worth $4,388,000 after purchasing an additional 1,646,706 shares in the last quarter. Canada Pension Plan Investment Board increased its holdings in RLX Technology by 53.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 3,804,284 shares of the company’s stock worth $8,407,000 after purchasing an additional 1,329,500 shares during the period. Marshall Wace LLP raised its position in RLX Technology by 82.4% in the 3rd quarter. Marshall Wace LLP now owns 2,067,228 shares of the company’s stock valued at $5,437,000 after purchasing an additional 934,135 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership purchased a new position in shares of RLX Technology in the 3rd quarter valued at about $2,388,000. 22.68% of the stock is currently owned by institutional investors and hedge funds.

RLX Technology Stock Performance

RLX Technology stock opened at $2.37 on Friday. The company has a market capitalization of $3.71 billion, a price-to-earnings ratio of 33.79 and a beta of 1.10. The company’s 50 day simple moving average is $2.33 and its 200-day simple moving average is $2.39. RLX Technology has a 1 year low of $1.66 and a 1 year high of $2.84.

RLX Technology (NYSE:RLX) last posted its earnings results on Friday, November 14th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). RLX Technology had a net margin of 21.05% and a return on equity of 4.74%. The company had revenue of $158.63 million during the quarter, compared to analyst estimates of $139.99 million.

RLX Technology announced that its Board of Directors has initiated a stock buyback program on Wednesday, December 31st that allows the company to buyback $0.00 in outstanding shares. This buyback authorization allows the company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

About RLX Technology

RLX Technology Inc (NYSE:RLX) is a China-based company specializing in electronic nicotine delivery systems. The company develops, manufactures and markets closed-pod vaping devices and prefilled cartridges, positioning its products as an alternative to traditional combustible tobacco. RLX emphasizes consistent nicotine delivery, flavor variety and convenience through its proprietary e-liquid formulations and device design.

RLX operates a vertically integrated business model that encompasses research and development, production, quality control and sales.