Rackspace Technology stock surges due to short covering

Investing.com — Rackspace Technology (NASDAQ: RXT) shares rose as much as 10% Monday morning, extending the uptrend after a sharp rebound last week.

The stock surged as much as 56% in a single day last Friday, and since the company released its earnings report on May 7 and announced a partnership with AMD, the cumulative gain has exceeded 200%. According to the latest public data, the current short interest ratio is 24.55%, and the days to cover are 3.1. To some extent, this round of gains has been driven by short covering.

Last week, Rackspace Technology and AMD announced that they have signed a memorandum of understanding to lay the groundwork for a multi-year strategic partnership between the two sides. The initiative aims to build an enterprise AI cloud platform for regulated enterprises and sovereign workloads. The partnership plan will integrate AMD Instinct GPUs and EPYC CPUs into a fully managed, governed technology stack, with Rackspace responsible for end-to-end management—from chips to business outcomes.

This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.

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▲+1.970(+55.97%)

Close · 09/05 · USD

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