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

Rackspace Technology, Inc. (NASDAQ:RXT) saw a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 3,030,000 shares, a decrease of 25.0% from the February 13th total of 4,040,000 shares. Based on an average daily volume of 859,200 shares, the days-to-cover ratio is presently 3.5 days. Approximately 4.9% of the shares of the company are sold short.

Rackspace Technology Price Performance

Shares of NASDAQ RXT traded down $0.07 during mid-day trading on Monday, reaching $2.03. 136,005 shares of the company’s stock traded hands, compared to its average volume of 870,250. The stock has a market cap of $462.42 million, a P/E ratio of -0.52 and a beta of 2.05. Rackspace Technology has a 1-year low of $1.45 and a 1-year 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 announced 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 the consensus estimate of $674.85 million.

Analysts Set New Price Targets

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

Insider Activity

In other Rackspace Technology news, CFO Mark A. Marino sold 14,458 shares of the stock in a transaction dated Monday, January 27th. The shares were sold at an average price of $2.34, for a total value of $33,831.72. Following the transaction, the chief financial officer now directly owns 1,915,356 shares of the company’s stock, valued at $4,481,933.04. This represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 17,480 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $2.37, for a total transaction of $41,427.60. Following the transaction, the executive vice president now owns 2,293,829 shares in the company, valued at approximately $5,436,374.73. The trade was a 0.76 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 376,259 shares of company stock valued at $936,998. 2.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rackspace Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jacobs Levy Equity Management Inc. raised its holdings in Rackspace Technology by 139.4% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 814,624 shares of the company’s stock worth $1,996,000 after purchasing an additional 474,299 shares in the last quarter. Raymond James Financial Inc. bought a new position in Rackspace Technology in the 4th quarter worth $855,000. Two Sigma Investments LP raised its holdings in Rackspace Technology by 1,692.6% in the 4th quarter. Two Sigma Investments LP now owns 406,621 shares of the company’s stock worth $899,000 after purchasing an additional 383,938 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Rackspace Technology by 24.0% in the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after purchasing an additional 373,627 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in Rackspace Technology in the 4th quarter worth $715,000. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.