Rackspace Technology, Inc. (NASDAQ:RXT) Short Interest Up 67.9% in February

Rackspace Technology, Inc. (NASDAQ:RXT) saw a significant increase in short interest in February. As of February 27th, there was short interest totaling 21,649,986 shares, an increase of 67.9% from the February 12th total of 12,895,212 shares. Currently, 9.2% of the company’s stock are short sold. Based on an average daily volume of 123,755,259 shares, the short-interest ratio is presently 0.2 days. Based on an average daily volume of 123,755,259 shares, the short-interest ratio is presently 0.2 days. Currently, 9.2% of the company’s stock are short sold.

Insider Transactions at Rackspace Technology

In other news, EVP Dharmendra Kumar Sinha sold 45,393 shares of the company’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $1.81, for a total transaction of $82,161.33. Following the completion of the transaction, the executive vice president directly owned 2,464,180 shares of the company’s stock, valued at $4,460,165.80. This represents a 1.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark A. Marino sold 20,183 shares of Rackspace Technology stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $1.81, for a total value of $36,531.23. Following the completion of the sale, the chief financial officer directly owned 2,172,932 shares in the company, valued at approximately $3,933,006.92. This represents a 0.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 300,259 shares of company stock worth $501,226. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Large investors have recently added to or reduced their stakes in the business. Quadrature Capital Ltd acquired a new stake in Rackspace Technology during the 2nd quarter valued at $26,000. Savant Capital LLC bought a new position in shares of Rackspace Technology in the third quarter valued at about $33,000. Creative Planning lifted its stake in shares of Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company’s stock worth $33,000 after buying an additional 13,708 shares during the last quarter. Jump Financial LLC bought a new stake in shares of Rackspace Technology during the fourth quarter worth approximately $34,000. Finally, R Squared Ltd boosted its stake in Rackspace Technology by 74.3% in the 3rd quarter. R Squared Ltd now owns 25,127 shares of the company’s stock valued at $35,000 after purchasing an additional 10,707 shares during the period. Institutional investors own 82.48% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on RXT. Royal Bank Of Canada boosted their price objective on shares of Rackspace Technology from $1.75 to $2.50 and gave the stock a “sector perform” rating in a research report on Friday, February 27th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a research note on Thursday, January 22nd. Four equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Rackspace Technology presently has a consensus rating of “Reduce” and an average target price of $1.70.

Rackspace Technology Stock Performance

NASDAQ:RXT traded up $0.07 during mid-day trading on Friday, hitting $1.81. The stock had a trading volume of 3,498,176 shares, compared to its average volume of 28,766,467. Rackspace Technology has a twelve month low of $0.39 and a twelve month high of $2.74. The stock has a market cap of $445.67 million, a price-to-earnings ratio of -1.90 and a beta of 1.80. The company’s 50 day simple moving average is $1.12 and its 200 day simple moving average is $1.23.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. The business had revenue of $682.80 million for the quarter, compared to analyst estimates of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200–0.15 EPS.

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.