Short Interest in Rackspace Technology, Inc. (NASDAQ:RXT) Increases By 22.8%

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,720,000 shares, an increase of 22.8% from the February 28th total of 3,030,000 shares. Based on an average trading volume of 922,400 shares, the days-to-cover ratio is currently 4.0 days. Currently, 5.7% of the company’s stock are short sold.

Rackspace Technology Stock Up 3.6 %

Shares of NASDAQ RXT traded up $0.06 during trading on Wednesday, reaching $1.73. The company had a trading volume of 822,871 shares, compared to its average volume of 942,589. The business’s 50-day moving average is $2.38 and its 200 day moving average is $2.45. The stock has a market cap of $410.54 million, a PE ratio of -0.45 and a beta of 2.05. Rackspace Technology has a 12-month low of $1.45 and a 12-month high of $3.41.

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 the consensus estimate of ($0.04) by $0.02. The firm had revenue of $685.60 million during the quarter, compared to analysts’ expectations of $674.85 million.

Insider Buying and Selling at Rackspace Technology

In related news, CEO Amar Maletira sold 521,840 shares of Rackspace Technology 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 directly owns 4,368,328 shares of the company’s stock, valued at $8,168,773.36. This trade represents a 10.67 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark A. Marino sold 202,230 shares of the company’s stock in a transaction dated 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 approximately $4,471,258.86. This trade represents a 10.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,168,662 shares of company stock valued at $2,418,792. 2.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. purchased a new stake in Rackspace Technology during the 4th quarter valued at $36,000. MetLife Investment Management LLC lifted its holdings in Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after acquiring an additional 8,281 shares during the period. ProShare Advisors LLC boosted its position in Rackspace Technology by 50.6% in the fourth quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after purchasing an additional 6,398 shares during the last quarter. Intech Investment Management LLC bought a new stake in shares of Rackspace Technology during the 3rd quarter valued at about $50,000. Finally, Aquatic Capital Management LLC purchased a new stake in shares of Rackspace Technology during the 4th quarter valued at about $45,000. 82.48% of the stock is currently owned by institutional investors.

Rackspace Technology Company Profile

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.