Short Interest in Rackspace Technology, Inc. (NASDAQ:RXT) Rises By 27.3%

Rackspace Technology, Inc. (NASDAQ:RXT) was the target of a significant growth in short interest in 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 daily trading volume, of 1,793,542 shares, the short-interest ratio is presently 5.1 days. Approximately 3.9% of the company’s shares are short sold. Approximately 3.9% of the company’s shares are short sold. Based on an average daily trading volume, of 1,793,542 shares, the short-interest ratio is presently 5.1 days.

Insider Buying and Selling

In other news, EVP Dharmendra Kumar Sinha sold 59,322 shares of the firm’s stock in a transaction on Monday, December 1st. The stock was sold at an average price of $1.01, for a total value of $59,915.22. Following the transaction, the executive vice president directly owned 2,509,573 shares in the company, valued at $2,534,668.73. This trade represents a 2.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.90% of the company’s stock.

Institutional Investors Weigh In On Rackspace Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RXT. Wells Fargo & Company MN lifted its position in Rackspace Technology by 13.4% during the 4th quarter. Wells Fargo & Company MN now owns 244,939 shares of the company’s stock worth $238,000 after buying an additional 28,885 shares in the last quarter. Federated Hermes Inc. boosted its position in Rackspace Technology by 4.4% during the fourth quarter. Federated Hermes Inc. now owns 719,747 shares of the company’s stock valued at $699,000 after purchasing an additional 30,024 shares during the last quarter. Steward Partners Investment Advisory LLC grew its stake in Rackspace Technology by 3,385.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 64,828 shares of the company’s stock valued at $63,000 after purchasing an additional 62,968 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Rackspace Technology by 46,034.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 279,115 shares of the company’s stock valued at $271,000 after purchasing an additional 278,510 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Rackspace Technology by 4.2% during the 4th quarter. Geode Capital Management LLC now owns 2,408,000 shares of the company’s stock worth $2,338,000 after purchasing an additional 96,760 shares during the last quarter. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Rackspace Technology Stock Up 2.8%

Shares of NASDAQ:RXT traded up $0.01 during mid-day trading on Monday, reaching $0.42. 1,507,124 shares of the stock were exchanged, compared to its average volume of 2,467,131. The stock’s 50 day simple moving average is $0.86 and its 200-day simple moving average is $1.16. Rackspace Technology has a one year low of $0.39 and a one 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.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on RXT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Rackspace Technology in a report on Thursday, January 22nd. Royal Bank Of Canada cut their price objective on Rackspace Technology from $2.00 to $1.75 and set a “sector perform” rating on the stock in a report on Monday, November 10th. Four analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Rackspace Technology presently 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.