Rackspace Hosting Inc (RAX) : The conviction of the bears is waning as is visible by the drop in the short positions from Jul 29, 2016, to August 15, 2016. The total outstanding shorts decreased from 16,003,362 to 13,380,019 shares, with 4 days to go before the expiry. The short open interest has decreased by -16.4%, amounting to a reduction of -2,623,343 shares. Only a handful of traders believe that the stock has a large downside from current levels, as seen in the low short interest of 12.8% of the float of the company. The average daily volume of the stock is 3,220,258 shares. The short interest information was released on Wednesday Aug 24th after the market close.
Rackspace Hosting Inc (NYSE:RAX): The stock opened at $27.60 on Wednesday but the bulls could not build on the opening and the stock topped out at $28.74 for the day. The stock traded down to $27.44 during the day, due to lack of any buying support eventually closed down at $27.55 with a loss of -0.58% for the day. The stock had closed at $27.71 on the previous day. The total traded volume was 1,984,081 shares.
In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the officer (Chief Operating Officer) of Rackspace Hosting, Inc., Roenigk Mark had sold 701 shares worth of $20,504 in a transaction dated August 12, 2016. In this transaction, 701 shares were sold at $29.25 per share.
Rackspace Hosting, Inc. (Rackspace) operates in the managed cloud segment of the business information technology (IT) market. The Company offers a portfolio of integrated IT solutions for common business needs, including for e-commerce, Web content management, Website hosting, data services, office mail and collaboration, and private clouds. It also offers advisory services for technology strategy, security and compliance, application assessment and migration, and DevOps automation. The Company also offers its solutions across a variety of IT form factors, including multi-tenant public cloud, dedicated single-tenant servers, private cloud, and hybrid cloud. It also delivers managed services, and Fanatical Support across its entire product portfolio. The Company sells its services to business customers in more than 120 countries. The Company has operations located across the United States, as well as in London, Amsterdam, Zurich, Hong Kong, Sydney and Mexico City.