Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) was the target of a significant growth in short interest in June. As of June 30th, there was short interest totalling 7,140,000 shares, a growth of 21.6% from the June 15th total of 5,870,000 shares. Currently, 11.3% of the company’s stock are sold short. Based on an average daily volume of 992,500 shares, the days-to-cover ratio is presently 7.2 days.
Insider Transactions at Rackspace Technology
In other news, insider Kellie Teal-Guess sold 61,393 shares of the stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total value of $130,767.09. Following the completion of the sale, the insider now directly owns 909,775 shares of the company’s stock, valued at $1,937,820.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is owned by insiders.
Hedge Funds Weigh In On Rackspace Technology
A number of hedge funds have recently added to or reduced their stakes in RXT. Charles Schwab Investment Management Inc. grew its holdings in Rackspace Technology by 35.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock valued at $5,071,000 after purchasing an additional 667,329 shares during the last quarter. CastleKnight Management LP acquired a new position in Rackspace Technology during the fourth quarter valued at approximately $1,201,000. GSA Capital Partners LLP acquired a new position in Rackspace Technology during the first quarter valued at approximately $531,000. Russell Investments Group Ltd. acquired a new position in Rackspace Technology during the fourth quarter valued at approximately $166,000. Finally, Aristides Capital LLC acquired a new stake in shares of Rackspace Technology in the fourth quarter worth $151,000. Institutional investors and hedge funds own 82.48% of the company’s stock.
Rackspace Technology Price Performance
Rackspace Technology (NASDAQ:RXT – Get Free Report) last released its quarterly earnings data on Wednesday, May 15th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $690.80 million during the quarter, compared to analyst estimates of $684.21 million. During the same quarter in the prior year, the company posted ($0.02) EPS. The company’s quarterly revenue was down 8.9% on a year-over-year basis. Equities analysts expect that Rackspace Technology will post -0.38 EPS for the current year.
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.
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