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

Rackspace Technology, Inc. (NASDAQ:RXT) saw a large drop in short interest in 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 trading volume of 859,200 shares, the days-to-cover ratio is presently 3.5 days.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, CEO Amar Maletira sold 38,355 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $2.37, for a total transaction of $90,901.35. Following the sale, the chief executive officer now directly owns 4,890,168 shares of the company’s stock, valued at approximately $11,589,698.16. This represents a 0.78 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mark A. Marino sold 14,458 shares of the stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the completion of 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 position. The disclosure for this sale can be found here. Insiders sold a total of 376,259 shares of company stock worth $936,998 in the last three months. 2.00% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Rackspace Technology

Several large investors have recently bought and sold shares of RXT. Jacobs Levy Equity Management Inc. increased its position in Rackspace Technology by 139.4% during the third quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock valued at $1,996,000 after acquiring an additional 474,299 shares during the last quarter. US Bancorp DE lifted its stake in Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company’s stock worth $40,000 after acquiring an additional 16,257 shares during the period. Jane Street Group LLC lifted its stake in Rackspace Technology by 27.4% in the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after acquiring an additional 166,528 shares during the period. FMR LLC lifted its stake in Rackspace Technology by 437.5% in the third quarter. FMR LLC now owns 31,154 shares of the company’s stock worth $76,000 after acquiring an additional 25,358 shares during the period. Finally, Barclays PLC lifted its stake in Rackspace Technology by 86.1% in the third quarter. Barclays PLC now owns 109,997 shares of the company’s stock worth $270,000 after acquiring an additional 50,896 shares during the period. Institutional investors own 82.48% of the company’s stock.

Rackspace Technology Stock Performance

Shares of Rackspace Technology stock traded down $0.07 on Monday, hitting $2.03. 136,005 shares of the company traded hands, compared to its average volume of 870,250. The stock has a market capitalization of $462.42 million, a P/E ratio of -0.52 and a beta of 2.05. Rackspace Technology has a 52 week low of $1.45 and a 52 week high of $3.41. The business has a 50-day simple moving average of $2.53 and a 200 day simple moving average of $2.49.

Rackspace Technology (NASDAQ:RXT) last released its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate 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.

About Rackspace Technology

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.