Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Down 25.0% in February

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) saw a significant 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. Currently, 4.9% of the company's stock are short sold. Based on an average daily volume of 859,200 shares, the short-interest ratio is presently 3.5 days.

Insider Activity

In related news, insider Srini Koushik sold 73,972 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total transaction of $138,327.64. Following the completion of the transaction, the insider now directly owns 935,114 shares of the company's stock, valued at approximately $1,748,663.18. This represents a 7.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Amar Maletira sold 521,840 shares of the business'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 $975,840.80. Following the transaction, the chief executive officer now directly owns 4,368,328 shares in the company, valued at $8,168,773.36. This trade represents a 10.67 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,168,662 shares of company stock worth $2,418,792 over the last ninety days. Insiders own 2.00% of the company's stock.

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Institutional Trading of Rackspace Technology

Several institutional investors and hedge funds have recently bought and sold shares of the business. Renaissance Technologies LLC boosted its stake 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 during the period. Geode Capital Management LLC boosted its position 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 worth $3,842,000 after purchasing an additional 64,923 shares during the period. D. E. Shaw & Co. Inc. increased its holdings in shares of Rackspace Technology by 2.5% in 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. raised its position in shares of Rackspace Technology by 8.2% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company's stock valued at $1,947,000 after purchasing an additional 66,524 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Rackspace Technology by 24.8% during 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. Institutional investors own 82.48% of the company's stock.

Rackspace Technology Stock Performance

RXT remained flat at $1.87 during trading on Thursday. 893,981 shares of the company were exchanged, compared to its average volume of 944,687. The business's fifty day moving average price is $2.50 and its 200 day moving average price is $2.48. Rackspace Technology has a fifty-two week low of $1.45 and a fifty-two week high of $3.41. The company has a market cap of $425.55 million, a PE ratio of -0.48 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.

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.