RLX Technology Inc. Sponsored ADR (NYSE:RLX) Short Interest Up 29.7% in February

RLX Technology Inc. Sponsored ADR (NYSE:RLX) was the target of a large growth in short interest in the month of February. As of February 13th, there was short interest totaling 5,089,698 shares, a growth of 29.7% from the January 29th total of 3,925,665 shares. Currently, 0.7% of the shares of the company are sold short. Based on an average daily volume of 2,576,757 shares, the days-to-cover ratio is currently 2.0 days. Based on an average daily volume of 2,576,757 shares, the days-to-cover ratio is currently 2.0 days. Currently, 0.7% of the shares of the company are sold short.

Institutional Investors Weigh In On RLX Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RLX. Mackenzie Financial Corp boosted its stake in RLX Technology by 40.4% during the 4th quarter. Mackenzie Financial Corp now owns 4,218,617 shares of the company’s stock valued at $9,642,000 after purchasing an additional 1,214,766 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of RLX Technology in the 4th quarter worth $167,000. XTX Topco Ltd lifted its holdings in shares of RLX Technology by 152.6% in the fourth quarter. XTX Topco Ltd now owns 390,880 shares of the company’s stock valued at $911,000 after buying an additional 236,153 shares during the period. Millennium Management LLC boosted its stake in RLX Technology by 15.6% during the fourth quarter. Millennium Management LLC now owns 207,609 shares of the company’s stock valued at $484,000 after buying an additional 28,052 shares in the last quarter. Finally, Capitolis Liquid Global Markets LLC acquired a new position in RLX Technology during the fourth quarter worth about $3,519,000. Institutional investors own 22.68% of the company’s stock.

Analysts Set New Price Targets

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

RLX Technology Price Performance

Shares of NYSE RLX traded down $0.08 during midday trading on Monday, reaching $2.34. 1,717,291 shares of the company traded hands, compared to its average volume of 2,278,363. The company has a market cap of $3.68 billion, a price-to-earnings ratio of 33.43 and a beta of 1.11. The stock has a 50-day moving average price of $2.33 and a 200 day moving average price of $2.40. RLX Technology has a 52 week low of $1.66 and a 52 week high of $2.84.

RLX Technology announced that its Board of Directors has authorized a share repurchase program on Wednesday, December 31st that authorizes the company to repurchase $0.00 in shares. This repurchase authorization authorizes the company to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is 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.