Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Up 15.1% in April

Rackspace Technology, Inc. (NASDAQ:RXT) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totaling 21,916,391 shares, a growth of 15.1% from the March 31st total of 19,041,360 shares. Currently, 9.1% of the shares of the stock are sold short. Based on an average daily trading volume, of 7,096,547 shares, the short-interest ratio is presently 3.1 days.

Rackspace Technology Price Performance

Shares of RXT opened at $1.46 on Friday. The firm’s 50 day moving average is $1.54 and its 200-day moving average is $1.22. Rackspace Technology has a 12-month low of $0.39 and a 12-month high of $2.74. The stock has a market capitalization of $360.49 million, a P/E ratio of -1.54 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, February 26th. The company reported ($0.01) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.03. The business had revenue of $682.80 million for the quarter, compared to analyst estimates of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS. As a group, equities research analysts forecast that Rackspace Technology will post -0.18 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RXT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Royal Bank Of Canada boosted their price objective on Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research note on Friday, February 27th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Rackspace Technology has an average rating of “Reduce” and an average price target of $1.93.

Insider Activity

In other news, CFO Mark A. Marino sold 234,683 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $1.63, for a total value of $382,533.29. Following the completion of the transaction, the chief financial officer directly owned 2,193,115 shares in the company, valued at $3,574,777.45. This trade represents a 9.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Dharmendra Kumar Sinha sold 188,123 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $1.81, for a total transaction of $340,502.63. Following the transaction, the executive vice president owned 2,276,057 shares in the company, valued at $4,119,663.17. This represents a 7.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 502,440 shares of company stock worth $867,173. 2.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Abel Hall LLC bought a new stake in shares of Rackspace Technology during the 1st quarter worth $30,000. Savant Capital LLC acquired a new stake in shares of Rackspace Technology during the third quarter worth $33,000. Creative Planning lifted its holdings in shares of Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after purchasing an additional 13,708 shares during the last quarter. SG Americas Securities LLC purchased a new stake in shares of Rackspace Technology during the first quarter valued at $34,000. Finally, Jump Financial LLC acquired a new position in shares of Rackspace Technology in the 4th quarter valued at $34,000. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Company Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.