Short Interest in Rackspace Technology, Inc. (NASDAQ:RXT) Expands By 15.1%

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) saw a large increase in short interest during the month of April. As of April 15th, there was short interest totaling 21,916,391 shares, an increase of 15.1% from the March 31st total of 19,041,360 shares. Based on an average daily trading volume, of 7,096,547 shares, the days-to-cover ratio is currently 3.1 days. Currently, 9.1% of the shares of the company are sold short.

Insider Activity

In other news, CFO Mark A. Marino sold 234,683 shares of Rackspace Technology stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $1.63, for a total value of $382,533.29. Following the completion of the transaction, the chief financial officer directly owned 2,193,115 shares of the company's stock, valued at approximately $3,574,777.45. The trade was a 9.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 188,123 shares of the stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $1.81, for a total transaction of $340,502.63. Following the sale, the executive vice president owned 2,276,057 shares in the company, valued at approximately $4,119,663.17. This trade represents a 7.63% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 502,440 shares of company stock valued at $867,173 over the last ninety days. Company insiders own 2.90% of the company's stock.

Institutional Trading of Rackspace Technology

Large investors have recently added to or reduced their stakes in the business. Abel Hall LLC bought a new stake in Rackspace Technology during the 1st quarter valued at $30,000. Savant Capital LLC acquired a new position in shares of Rackspace Technology during the third quarter valued at $33,000. Creative Planning increased its holdings 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 purchasing an additional 13,708 shares during the period. SG Americas Securities LLC bought a new stake in shares of Rackspace Technology during the first quarter valued at about $34,000. Finally, Jump Financial LLC bought a new stake in shares of Rackspace Technology during the fourth quarter valued at about $34,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RXT. Weiss Ratings reiterated a "sell (d-)" rating on shares of Rackspace Technology in a research report on Thursday, January 22nd. Royal Bank Of Canada upped their price objective on Rackspace Technology from $1.75 to $2.50 and gave the stock a "sector perform" rating in a research note on Friday, February 27th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Reduce" and an average price target of $1.93.

Rackspace Technology Stock Down 0.7%

Shares of NASDAQ:RXT opened at $1.46 on Friday. The company's 50-day moving average price is $1.54 and its 200 day moving average price is $1.22. The company has a market cap of $360.49 million, a PE ratio of -1.54 and a beta of 1.98. Rackspace Technology has a fifty-two week low of $0.39 and a fifty-two week high of $2.74.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Thursday, February 26th. The company reported ($0.01) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.03. The firm had revenue of $682.80 million during the quarter, compared to the consensus estimate of $672.56 million. Rackspace Technology has set its FY 2026 guidance at -0.200--0.15 EPS. As a group, equities analysts anticipate that Rackspace Technology will post -0.18 EPS for the current year.

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.

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