Rackspace Technology, Inc. (NASDAQ:RXT) Sees Significant Decrease in Short Interest

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a significant drop in short interest in the month of February. As of February 28th, there was short interest totalling 3,030,000 shares, a drop of 25.0% from the February 13th total of 4,040,000 shares. Approximately 4.9% of the shares of the company are short sold. Based on an average daily trading volume, of 859,200 shares, the short-interest ratio is currently 3.5 days.

Insider Activity at Rackspace Technology

In related news, EVP Dharmendra Kumar Sinha sold 17,480 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $41,427.60. Following the completion of the transaction, the executive vice president now directly owns 2,293,829 shares in the company, valued at approximately $5,436,374.73. This represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark A. Marino sold 14,458 shares of the firm’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at approximately $4,481,933.04. This trade represents a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 376,259 shares of company stock worth $936,998. Company insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several hedge funds have recently modified their holdings of RXT. Balyasny Asset Management L.P. bought a new stake in Rackspace Technology during the 4th quarter worth approximately $36,000. MetLife Investment Management LLC lifted its position in Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock worth $39,000 after buying an additional 8,281 shares in the last quarter. US Bancorp DE lifted its position in shares of Rackspace Technology by 10,766.2% during the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after purchasing an additional 16,257 shares in the last quarter. ProShare Advisors LLC boosted its position in Rackspace Technology by 50.6% in the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after buying an additional 6,398 shares during the last quarter. Finally, Aquatic Capital Management LLC acquired a new stake in shares of Rackspace Technology in the 4th quarter valued at $45,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Barclays increased their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT opened at $2.10 on Friday. The business’s fifty day moving average price is $2.53 and its two-hundred day moving average price is $2.49. Rackspace Technology has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The stock has a market capitalization of $477.89 million, a price-to-earnings ratio of -0.54 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to the consensus estimate of $674.85 million.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.