Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Update

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a significant growth in short interest in January. As of January 30th, there was short interest totaling 9,134,292 shares, a growth of 27.3% from the January 15th total of 7,173,262 shares. Approximately 3.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,793,542 shares, the days-to-cover ratio is presently 5.1 days. Based on an average daily trading volume, of 1,793,542 shares, the days-to-cover ratio is presently 5.1 days. Approximately 3.9% of the shares of the stock are sold short.

Rackspace Technology Price Performance

Shares of Rackspace Technology stock opened at $0.42 on Wednesday. The company’s 50 day moving average price is $0.84 and its two-hundred day moving average price is $1.15. The firm has a market capitalization of $102.06 million, a P/E ratio of -0.39 and a beta of 2.18. Rackspace Technology has a fifty-two week low of $0.39 and a fifty-two week high of $3.03.

Analyst Ratings Changes

RXT has been the subject of several recent analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Royal Bank Of Canada cut their price target on shares of Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating for the company in a report on Monday, November 10th. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Rackspace Technology has a consensus rating of “Reduce” and an average price target of $1.51.

Insider Transactions at Rackspace Technology

In other news, EVP Dharmendra Kumar Sinha sold 59,322 shares of the company’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $1.01, for a total transaction of $59,915.22. Following the completion of the sale, the executive vice president directly owned 2,509,573 shares in the company, valued at approximately $2,534,668.73. This represents a 2.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.90% of the stock is owned by corporate insiders.

Institutional Trading of Rackspace Technology

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC increased its stake in shares of Rackspace Technology by 228.6% in the first quarter. AQR Capital Management LLC now owns 264,565 shares of the company’s stock valued at $447,000 after buying an additional 184,058 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Rackspace Technology during the 1st quarter worth approximately $113,000. Geode Capital Management LLC increased its position in Rackspace Technology by 17.9% in the 2nd quarter. Geode Capital Management LLC now owns 2,064,549 shares of the company’s stock valued at $2,643,000 after acquiring an additional 313,636 shares during the period. Creative Planning raised its stake in shares of Rackspace Technology by 114.2% during the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after acquiring an additional 13,708 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in shares of Rackspace Technology by 45.4% during the second quarter. Intech Investment Management LLC now owns 51,692 shares of the company’s stock worth $66,000 after purchasing an additional 16,152 shares during the period. 82.48% of the stock is owned by institutional investors and hedge funds.

Rackspace Technology Company Profile

Rackspace Technology (NASDAQ: RXT) is a leading provider of managed multi-cloud solutions and services, specializing in the deployment, management and optimization of public and private cloud environments. The company helps organizations design and operate applications across platforms such as Amazon Web Services (AWS), Microsoft Azure, Google Cloud and its own private cloud infrastructure. Rackspace’s core offerings include cloud migration, application modernization, data protection, security services and 24x7x365 operational support.

Beyond cloud hosting, Rackspace offers a range of professional services designed to accelerate digital transformation initiatives.