RELX reports Wednesday morning carrying short interest that has climbed steadily over the past month — up 20% since late March to 4.1 million shares. The move is notable less for its absolute size than for its persistence. Utilisation has jumped from 19% in early April to 33% now, close to the highest level in the past year. Cost to borrow has eased back to 0.46%, down from brief spikes above 0.8%, suggesting the build has been steady rather than panicked.
Options positioning has turned more defensive than usual. The put/call ratio sits at 0.73, running a full standard deviation above its 20-day average and near the 52-week high. That's a material shift from the neutral-to-bullish posture that prevailed through March. The stock itself is up 12.5% over the past month to $36.53, which makes the options caution more interesting — traders are paying up for downside protection into a print that follows a strong run.
Analyst activity has been sparse and dated. Citigroup upgraded to Buy in early April, following an initiation at Neutral in January. That's the only recent movement. The consensus rating on file is "sell," struck in November 2020 and now nearly six years stale. No price targets are available. The lack of fresh Street coverage leaves little signal about where expectations sit, though the stock's 12% move in April suggests something has shifted in how the market is pricing the name.
The last four prints triggered sharp moves — averaging 12% on the day and holding most of the gain over five days. BlackRock added 29 million shares in the first quarter, lifting its stake to nearly 10% of shares outstanding. Wednesday's report will test whether the recent momentum can hold against a setup that shows growing caution from both short sellers and options traders.
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