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

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a significant decrease in short interest in February. As of February 28th, there was short interest totalling 3,030,000 shares, a decrease of 25.0% from the February 13th total of 4,040,000 shares. Based on an average daily volume of 859,200 shares, the days-to-cover ratio is presently 3.5 days. Currently, 4.9% of the company’s stock are sold short.

Insider Transactions at Rackspace Technology

In related news, CFO Mark A. Marino sold 202,230 shares of Rackspace Technology stock in a transaction on Monday, February 24th. The stock was sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares of the company’s stock, valued at approximately $4,471,258.86. This trade represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $41,427.60. Following the completion of the transaction, the executive vice president now owns 2,293,829 shares in the company, valued at $5,436,374.73. This trade represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 376,259 shares of company stock valued at $936,998 over the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. grew its position in shares of Rackspace Technology by 139.4% in the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after purchasing an additional 474,299 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Rackspace Technology in the 4th quarter valued at approximately $855,000. Two Sigma Investments LP grew its holdings in Rackspace Technology by 1,692.6% in the 4th quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock valued at $899,000 after buying an additional 383,938 shares during the last quarter. Renaissance Technologies LLC increased its position in Rackspace Technology by 24.0% in the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after buying an additional 373,627 shares during the period. Finally, Prudential Financial Inc. acquired a new position in shares of Rackspace Technology during the fourth quarter worth approximately $715,000. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Price Performance

Shares of NASDAQ:RXT opened at $2.10 on Friday. The stock has a market capitalization of $477.89 million, a P/E ratio of -0.54 and a beta of 2.05. The business has a 50-day moving average of $2.53 and a two-hundred day moving average of $2.49. Rackspace Technology has a fifty-two week low of $1.45 and a fifty-two week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) 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.

Analyst Upgrades and Downgrades

Separately, Barclays boosted their target price on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th.

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.