Short Interest in Rackspace Technology, Inc. (NASDAQ:RXT) Increases By 22.8%

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

Insider Activity

In related news, CEO Amar Maletira sold 38,355 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $2.37, for a total value of $90,901.35. Following the completion of the transaction, the chief executive officer now directly owns 4,890,168 shares in the company, valued at $11,589,698.16. The trade was a 0.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the firm’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $41,427.60. Following the sale, the executive vice president now owns 2,293,829 shares in the company, valued at approximately $5,436,374.73. This represents a 0.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,168,662 shares of company stock valued at $2,418,792 in the last quarter. 2.00% of the stock is currently owned by company insiders.

Institutional Trading of Rackspace Technology

Several large investors have recently made changes to their positions in the company. Balyasny Asset Management L.P. purchased a new stake in shares of Rackspace Technology during the fourth quarter worth $36,000. MetLife Investment Management LLC grew its stake in Rackspace Technology by 89.4% during 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 grew its stake in Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock valued at $42,000 after acquiring an additional 6,398 shares in the last quarter. Intech Investment Management LLC acquired a new stake in Rackspace Technology in the 3rd quarter valued at about $50,000. Finally, Aquatic Capital Management LLC purchased a new position in Rackspace Technology in the 4th quarter worth approximately $45,000. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Rackspace Technology Price Performance

RXT stock traded down $0.16 during mid-day trading on Thursday, reaching $1.58. 356,978 shares of the company’s stock were exchanged, compared to its average volume of 936,626. Rackspace Technology has a 12-month low of $1.51 and a 12-month high of $3.41. The stock’s 50 day moving average is $2.37 and its 200 day moving average is $2.44. The company has a market cap of $373.76 million, a price-to-earnings ratio of -0.41 and a beta of 2.05.

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, beating analysts’ consensus estimates of ($0.04) by $0.02. The business 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.