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

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a large growth in short interest during the month of 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 currently 5.1 days. Currently, 3.9% of the shares of the company are sold short. Currently, 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 currently 5.1 days.

Rackspace Technology Price Performance

NASDAQ:RXT traded down $0.00 during midday trading on Tuesday, reaching $0.42. The stock had a trading volume of 1,273,913 shares, compared to its average volume of 2,467,131. The stock 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 1-year low of $0.39 and a 1-year high of $3.03. The firm’s fifty day simple moving average is $0.84 and its 200-day simple moving average is $1.15.

Insider Buying and Selling at Rackspace Technology

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 transaction of $59,915.22. Following the completion of the transaction, the executive vice president owned 2,509,573 shares in the company, valued at approximately $2,534,668.73. This represents a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its holdings in Rackspace Technology by 6.1% during the 3rd quarter. Vanguard Group Inc. now owns 6,288,882 shares of the company’s stock worth $8,867,000 after buying an additional 359,087 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Rackspace Technology by 4.2% during the fourth quarter. Geode Capital Management LLC now owns 2,408,000 shares of the company’s stock worth $2,338,000 after acquiring an additional 96,760 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Rackspace Technology during the third quarter valued at $2,276,000. JPMorgan Chase & Co. boosted its holdings in Rackspace Technology by 1.8% in the third quarter. JPMorgan Chase & Co. now owns 1,464,389 shares of the company’s stock valued at $2,065,000 after acquiring an additional 26,510 shares during the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Rackspace Technology by 4.4% in the fourth quarter. Federated Hermes Inc. now owns 719,747 shares of the company’s stock valued at $699,000 after acquiring an additional 30,024 shares during the last quarter. 82.48% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RXT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Royal Bank Of Canada dropped their price objective on shares of 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. Four research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $1.51.

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.