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

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. Currently, 5.7% of the company’s shares are short sold. Based on an average trading volume of 922,400 shares, the short-interest ratio is presently 4.0 days.

Insider Transactions at Rackspace Technology

In other news, CEO Amar Maletira sold 521,840 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $1.87, for a total transaction of $975,840.80. Following the sale, the chief executive officer now owns 4,368,328 shares of the company’s stock, valued at approximately $8,168,773.36. The trade was a 10.67 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 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 $4,481,933.04. The trade was a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,168,662 shares of company stock worth $2,418,792 in the last quarter. Company insiders own 2.00% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RXT. Jacobs Levy Equity Management Inc. raised its stake in Rackspace Technology by 139.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after acquiring an additional 474,299 shares in the last quarter. Jane Street Group LLC grew its holdings in shares of Rackspace Technology by 27.4% during the third quarter. Jane Street Group LLC now owns 773,454 shares of the company’s stock worth $1,895,000 after purchasing an additional 166,528 shares during the last quarter. FMR LLC lifted its holdings in shares of Rackspace Technology by 437.5% in the 3rd quarter. FMR LLC now owns 31,154 shares of the company’s stock valued at $76,000 after purchasing an additional 25,358 shares during the last quarter. Barclays PLC lifted its holdings in shares of Rackspace Technology by 86.1% in the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after purchasing an additional 50,896 shares during the last quarter. Finally, Franklin Resources Inc. acquired a new stake in shares of Rackspace Technology in the 3rd quarter valued at about $443,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Trading Down 9.0 %

RXT traded down $0.16 on Thursday, hitting $1.58. The company had a trading volume of 356,978 shares, compared to its average volume of 936,626. The firm has a market cap of $373.76 million, a P/E ratio of -0.41 and a beta of 2.05. The company’s fifty day moving average price is $2.37 and its 200 day moving average price is $2.44. Rackspace Technology has a 1 year low of $1.51 and a 1 year high of $3.41.

Rackspace Technology (NASDAQ:RXT) last issued its quarterly earnings data on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $685.60 million during the quarter, compared to analyst estimates 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.