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

Rackspace Technology, Inc. (NASDAQ:RXT) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 5,140,000 shares, an increase of 29.5% from the March 31st total of 3,970,000 shares. Based on an average daily trading volume, of 954,200 shares, the short-interest ratio is currently 5.4 days. Approximately 7.9% of the shares of the stock are short sold.

Insider Buying and Selling at Rackspace Technology

In other news, CEO Amar Maletira sold 521,840 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $975,840.80. Following the completion of the transaction, the chief executive officer now owns 4,368,328 shares in the company, valued at approximately $8,168,773.36. This trade represents a 10.67 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Mark A. Marino sold 202,230 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares in the company, valued at $4,471,258.86. The trade was a 10.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,154,204 shares of company stock valued at $2,384,960. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors have recently modified their holdings of the stock. Barclays PLC boosted its position in shares of Rackspace Technology by 86.1% during the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after purchasing an additional 50,896 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Rackspace Technology by 64.7% during the fourth quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after purchasing an additional 22,311 shares during the period. Empower Advisory Group LLC bought a new position in shares of Rackspace Technology during the 4th quarter valued at about $85,000. Charles Schwab Investment Management Inc. increased its stake in Rackspace Technology by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock worth $1,317,000 after purchasing an additional 5,136 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new stake in Rackspace Technology during the 4th quarter worth approximately $855,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Barclays decreased their price objective on Rackspace Technology from $2.00 to $1.00 and set an “underweight” rating for the company in a research report on Friday, April 25th.

Rackspace Technology Stock Up 2.2 %

RXT opened at $1.41 on Friday. The firm has a market capitalization of $334.60 million, a P/E ratio of -0.36 and a beta of 2.12. Rackspace Technology has a 12-month low of $1.24 and a 12-month high of $3.41. The stock’s 50 day moving average price is $1.71 and its two-hundred day moving average price is $2.25.

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