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

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

Insiders Place Their Bets

In other news, EVP Dharmendra Kumar Sinha sold 17,480 shares of the business’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 $41,427.60. Following the completion of the sale, the executive vice president now directly owns 2,293,829 shares in the company, valued at approximately $5,436,374.73. The trade was a 0.76 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Amar Maletira sold 38,355 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were 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 trade represents a 0.78 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,259 shares of company stock valued at $936,998. Insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several institutional investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its holdings in shares of Rackspace Technology by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after buying an additional 5,136 shares during the period. Price T Rowe Associates Inc. MD raised its position in Rackspace Technology by 24.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock valued at $60,000 after buying an additional 5,214 shares during the period. ProShare Advisors LLC increased 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 worth $42,000 after purchasing an additional 6,398 shares during the last quarter. MetLife Investment Management LLC increased 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 worth $39,000 after purchasing an additional 8,281 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Rackspace Technology by 1.6% during the 4th quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock worth $1,349,000 after acquiring an additional 9,825 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Rackspace Technology Stock Down 1.3 %

RXT stock traded down $0.03 during trading on Tuesday, reaching $1.93. 395,150 shares of the company’s stock were exchanged, compared to its average volume of 934,764. Rackspace Technology has a 1-year low of $1.45 and a 1-year high of $3.41. The company’s fifty day moving average price is $2.52 and its 200-day moving average price is $2.49. The firm has a market cap of $438.07 million, a PE ratio of -0.50 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.02. The firm 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.