Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Up 27.3% in January

Rackspace Technology, Inc. (NASDAQ:RXT) was the recipient 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. Based on an average 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 company are sold short. Approximately 3.9% of the shares of the company are sold short. Based on an average trading volume of 1,793,542 shares, the days-to-cover ratio is presently 5.1 days.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in RXT. R Squared Ltd grew its position in Rackspace Technology by 74.3% during the third quarter. R Squared Ltd now owns 25,127 shares of the company’s stock worth $35,000 after buying an additional 10,707 shares in the last quarter. Engineers Gate Manager LP grew its holdings in shares of Rackspace Technology by 47.1% during the 2nd quarter. Engineers Gate Manager LP now owns 34,777 shares of the company’s stock worth $45,000 after purchasing an additional 11,141 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Rackspace Technology by 4.0% in the third quarter. Alliancebernstein L.P. now owns 290,750 shares of the company’s stock worth $410,000 after purchasing an additional 11,300 shares during the period. Creative Planning raised its stake in Rackspace Technology by 114.2% in the second quarter. Creative Planning now owns 25,715 shares of the company’s stock valued at $33,000 after purchasing an additional 13,708 shares in the last quarter. Finally, Intech Investment Management LLC lifted its position in 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. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Price Performance

NASDAQ RXT traded up $0.01 on Monday, reaching $0.42. The stock had a trading volume of 1,507,124 shares, compared to its average volume of 2,467,131. Rackspace Technology has a 1-year low of $0.39 and a 1-year high of $3.03. The company has a market cap of $102.36 million, a P/E ratio of -0.39 and a beta of 2.19. The firm has a fifty day moving average of $0.86 and a two-hundred day moving average of $1.16.

Analyst Ratings Changes

Several analysts have issued reports on the company. Royal Bank Of Canada dropped their price objective on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a research note on Monday, November 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $1.51.

About Rackspace Technology

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.