Rackspace Technology, Inc. (NASDAQ:RXT) Sees Large Growth in Short Interest

Rackspace Technology, Inc. (NASDAQ:RXT) was the recipient of a significant growth in short interest in 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 stock are short sold. Based on an average trading volume of 922,400 shares, the short-interest ratio is currently 4.0 days.

Insider Activity at Rackspace Technology

In related news, CFO Mark A. Marino sold 14,458 shares of the firm’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $2.34, for a total transaction of $33,831.72. Following the transaction, the chief financial officer now owns 1,915,356 shares in the company, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 completion of the sale, the insider now owns 935,114 shares of the company’s stock, valued at $1,748,663.18. This trade represents a 7.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,168,662 shares of company stock valued at $2,418,792 over the last ninety days. Corporate insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

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

Rackspace Technology Trading Down 1.2 %

RXT stock traded down $0.02 during mid-day trading on Tuesday, reaching $1.67. 605,735 shares of the stock traded hands, compared to its average volume of 942,652. The stock’s fifty day moving average is $2.40 and its 200-day moving average is $2.46. The company has a market cap of $396.30 million, a P/E ratio of -0.43 and a beta of 2.05. Rackspace Technology has a 52-week low of $1.45 and a 52-week high of $3.41.

Rackspace Technology (NASDAQ:RXT) last posted 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 analysts’ expectations 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.