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

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

Rackspace Technology Stock Performance

Shares of NASDAQ RXT traded down $0.11 during mid-day trading on Friday, reaching $1.45. 967,786 shares of the company's stock were exchanged, compared to its average volume of 933,869. The firm has a market capitalization of $342.91 million, a price-to-earnings ratio of -0.37 and a beta of 2.12. Rackspace Technology has a 52-week low of $1.37 and a 52-week high of $3.41. The company's 50-day moving average is $2.32 and its 200-day moving average is $2.43.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $685.60 million for the quarter, compared to analysts' expectations of $674.85 million.

Insiders Place Their Bets

In related news, insider Srini Koushik sold 73,972 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $138,327.64. Following the transaction, the insider now directly owns 935,114 shares in the company, valued at approximately $1,748,663.18. This represents a 7.33 % 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, CFO Mark A. Marino sold 14,458 shares of the firm's stock in a transaction on Monday, January 27th. The stock was sold at an average price of $2.34, for a total value of $33,831.72. Following the sale, the chief financial officer now directly owns 1,915,356 shares of the company's stock, valued at approximately $4,481,933.04. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,168,662 shares of company stock valued at $2,418,792 in the last three months. 2.00% of the stock is currently owned by insiders.

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Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RXT. Balyasny Asset Management L.P. purchased a new stake in shares of Rackspace Technology in the 4th quarter valued at $36,000. MetLife Investment Management LLC grew 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 valued at $39,000 after acquiring an additional 8,281 shares in the last quarter. ProShare Advisors LLC increased its stake in Rackspace Technology by 50.6% during 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 period. Aquatic Capital Management LLC acquired a new stake in shares of Rackspace Technology during the fourth quarter worth about $45,000. Finally, Intech Investment Management LLC purchased a new position in shares of Rackspace Technology in the third quarter valued at approximately $50,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.