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

RLX Technology Inc. (NYSE:RLX) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 14,070,000 shares, a growth of 22.7% from the February 28th total of 11,470,000 shares. Based on an average daily trading volume, of 5,960,000 shares, the days-to-cover ratio is currently 2.4 days. Approximately 1.6% of the shares of the company are sold short.

Hedge Funds Weigh In On RLX Technology

Large investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. grew its stake in RLX Technology by 8,292.2% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,313,300 shares of the company’s stock worth $2,377,000 after buying an additional 1,297,651 shares in the last quarter. Franklin Resources Inc. lifted its holdings in RLX Technology by 14.5% in the 3rd quarter. Franklin Resources Inc. now owns 293,830 shares of the company’s stock worth $497,000 after buying an additional 37,294 shares during the period. Hosking Partners LLP increased its position in RLX Technology by 24.8% during the 4th quarter. Hosking Partners LLP now owns 981,533 shares of the company’s stock valued at $2,120,000 after purchasing an additional 194,770 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new position in RLX Technology in the third quarter worth about $108,000. Finally, Point72 Hong Kong Ltd bought a new stake in shares of RLX Technology during the third quarter valued at approximately $2,386,000. 22.68% of the stock is owned by institutional investors.

RLX Technology Trading Down 1.9 %

NYSE:RLX traded down $0.04 during trading hours on Thursday, hitting $1.84. 2,598,964 shares of the company were exchanged, compared to its average volume of 4,570,520. The stock has a market capitalization of $2.88 billion, a price-to-earnings ratio of 45.89 and a beta of 0.93. The company has a fifty day simple moving average of $2.21 and a 200 day simple moving average of $1.98. RLX Technology has a one year low of $1.50 and a one year high of $2.69.

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

Analyst Upgrades and Downgrades

Separately, Citigroup cut 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 note on Monday, March 17th.

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.