Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Update

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

Insider Activity at Rackspace Technology

In other Rackspace Technology news, CFO Mark A. Marino sold 14,458 shares of the firm’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. This trade represents a 0.75 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Amar Maletira sold 38,355 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total value of $90,901.35. Following the completion of the sale, the chief executive officer now owns 4,890,168 shares of the company’s stock, valued at $11,589,698.16. This represents a 0.78 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 376,259 shares of company stock worth $936,998 in the last 90 days. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. acquired a new stake in Rackspace Technology during the 4th quarter valued at $36,000. MetLife Investment Management LLC boosted its position in Rackspace Technology by 89.4% in the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after buying an additional 8,281 shares during the last quarter. US Bancorp DE boosted its position in Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company’s stock valued at $40,000 after buying an additional 16,257 shares during 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 bought a new position in Rackspace Technology in the 4th quarter valued at $45,000. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Price Performance

Shares of RXT traded down $0.03 during mid-day trading on Tuesday, reaching $1.93. The company had a trading volume of 395,150 shares, compared to its average volume of 934,764. Rackspace Technology has a twelve month low of $1.45 and a twelve month high of $3.41. The company’s 50-day moving average is $2.52 and its 200-day moving average is $2.49. The company has a market capitalization of $438.07 million, a P/E ratio of -0.50 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The business had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

Analyst Upgrades and Downgrades

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

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.