Rackspace Technology, Inc. (NASDAQ:RXT) Sees Significant Increase in Short Interest

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) was the target of a significant growth in short interest in 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 shares of the company are sold short. Based on an average daily volume of 922,400 shares, the short-interest ratio is currently 4.0 days.

Rackspace Technology Trading Down 6.8 %

RXT traded down $0.11 on Friday, hitting $1.45. 967,786 shares of the company's stock traded hands, compared to its average volume of 933,869. The company's 50 day simple moving average is $2.32 and its 200-day simple moving average is $2.43. Rackspace Technology has a one year low of $1.37 and a one year high of $3.41. The firm has a market cap of $342.91 million, a price-to-earnings ratio of -0.37 and a beta of 2.12.

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

Insider Buying and Selling at Rackspace Technology

In related news, CFO Mark A. Marino sold 14,458 shares of the company's stock in a transaction on Monday, January 27th. The shares were sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the transaction, the chief financial officer now owns 1,915,356 shares of the company's stock, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Srini Koushik sold 73,972 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $1.87, for a total value of $138,327.64. Following the sale, 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,168,662 shares of company stock valued at $2,418,792. Company insiders own 2.00% of the company's stock.

Hedge Funds Weigh In On Rackspace Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RXT. Renaissance Technologies LLC raised its holdings in shares of Rackspace Technology by 24.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock worth $4,263,000 after acquiring an additional 373,627 shares in the last quarter. Geode Capital Management LLC raised its stake in Rackspace Technology by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company's stock valued at $3,842,000 after purchasing an additional 64,923 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its position in Rackspace Technology by 2.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company's stock valued at $2,660,000 after purchasing an additional 29,047 shares during the last quarter. Jacobs Levy Equity Management Inc. grew its stake in shares of Rackspace Technology by 8.2% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company's stock worth $1,947,000 after buying an additional 66,524 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in shares of Rackspace Technology by 24.8% in the 4th quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock worth $1,850,000 after buying an additional 166,528 shares during the last quarter. 82.48% of the stock is 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.