Why RLX Technology Stock Jumped Today
Shares of RLX Technology (NYSE: RLX) were surging today after the Chinese e-cigarette company announced a share repurchase program in response to its dwindling stock price. RLX said in a press release this morning that its board of directors had authorized a share repurchase of up to $500 million by the end of 2023. The more likely explanation is that RLX has been highly volatile recently and investors see this as a vote of confidence from management and a statement that it believes that the stock is cheap.
