Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Up 22.8% in March

Rackspace Technology, Inc. (NASDAQ:RXT) was the recipient 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. Currently, 5.7% of the shares of the company are short sold. Based on an average trading volume of 922,400 shares, the short-interest ratio is presently 4.0 days.

Insider Activity

In other news, 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 transaction of $138,327.64. Following the sale, the insider now directly owns 935,114 shares of the company’s stock, valued at $1,748,663.18. This represents a 7.33 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark A. Marino sold 14,458 shares of Rackspace Technology stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the transaction, the chief financial officer now owns 1,915,356 shares of the company’s stock, valued at approximately $4,481,933.04. This represents a 0.75 % 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 90 days. Company insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its holdings in shares of Rackspace Technology by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 595,860 shares of the company’s stock valued at $1,317,000 after purchasing an additional 5,136 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Rackspace Technology by 24.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company’s stock worth $60,000 after buying an additional 5,214 shares during the period. ProShare Advisors LLC grew its position in shares of Rackspace Technology by 50.6% during the 4th quarter. ProShare Advisors LLC now owns 19,030 shares of the company’s stock worth $42,000 after buying an additional 6,398 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Rackspace Technology by 89.4% during the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company’s stock valued at $39,000 after buying an additional 8,281 shares during the period. Finally, Invesco Ltd. raised its holdings in shares of Rackspace Technology by 1.6% in the fourth quarter. Invesco Ltd. now owns 610,261 shares of the company’s stock valued at $1,349,000 after acquiring an additional 9,825 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Rackspace Technology Trading Up 3.6 %

Shares of NASDAQ RXT traded up $0.06 during midday trading on Wednesday, hitting $1.73. The company’s stock had a trading volume of 822,871 shares, compared to its average volume of 942,589. The business’s 50 day moving average is $2.38 and its two-hundred day moving average is $2.45. Rackspace Technology has a 12-month low of $1.45 and a 12-month high of $3.41. The firm has a market cap of $410.54 million, a P/E ratio of -0.45 and a beta of 2.05.

Rackspace Technology (NASDAQ:RXT) last issued 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 company 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.