Cyxtera Technologies, Inc. (NASDAQ: CYXT – Get a rating) benefited from a sharp drop in short-term interest rates during August. As of August 31, there was short interest totaling 5,690,000 shares, down 8.1% from the total of 6,190,000 shares as of August 15. Currently, 7.8% of the company’s shares are sold short. Based on an average trading volume of 648,700 shares, the day-to-cover ratio is currently 8.8 days.
Insider Buying and Selling at Cyxtera Technologies
In other news from Cyxtera Technologies, COO James Randolph Rowland sold 9,885 shares in a trade on Monday August 8th. The shares were sold at an average price of $12.29, for a total transaction of $121,486.65. Following the transaction, the COO now directly owns 91,052 shares of the company, valued at approximately $1,119,029.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. In other Cyxtera Technologies news, CFO Carlos Ignacio Sagasta sold 11,229 shares in a trade on Monday August 8th. The shares were sold at an average price of $12.29, for a total transaction of $138,004.41. Following the transaction, the CFO now directly owns 89,708 shares of the company, valued at approximately $1,102,511.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, available at this hyperlink. Additionally, COO James Randolph Rowland sold 9,885 shares of the company in a trade dated Monday, August 8. The stock was sold at an average price of $12.29, for a total transaction of $121,486.65. Following completion of the transaction, the COO now owns 91,052 shares of the company, valued at $1,119,029.08. Disclosure of this sale can be found here. Insiders sold 147,318 shares of the company worth $1,762,105 in the past ninety days. 73.20% of the shares are held by insiders.
Hedge funds weigh on Cyxtera Technologies
Several large investors have recently bought and sold shares of CYXT. Starboard Value LP increased its stake in Cyxtera Technologies by 25.7% during the 1st quarter. Starboard Value LP now owns 20,767,571 shares of the company valued at $253,780,000 after purchasing an additional 4,241,256 shares during the period. BC Partners Advisors LP increased its stake in Cyxtera Technologies by 3.5% during the 1st quarter. BC Partners Advisors LP now owns 47,676,705 shares of the company valued at $582,609,000 after purchasing an additional 1,627,561 shares during the period. State Street Corp increased its stake in Cyxtera Technologies by 102.8% in the second quarter. State Street Corp now owns 1,168,882 shares of the company valued at $13,255,000 after purchasing an additional 592,643 shares during the period. FMR LLC increased its stake in Cyxtera Technologies by 2.0% during the 2nd quarter. FMR LLC now owns 23,816,520 shares of the company valued at $270,080,000 after purchasing an additional 473,991 shares during the period. Finally, Granite Investment Partners LLC acquired a new position in Cyxtera Technologies during Q2 valued at approximately $4,508,000.
Cyxtera Technologies is trading down 3.8%
CYXT stock opened at $4.85 on Tuesday. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt ratio of 3.06. Cyxtera Technologies has a fifty-two week low of $4.69 and a fifty-two week high of $15.42. The company’s 50-day simple moving average is $9.17 and its 200-day simple moving average is $11.40.
Cyxtera Technologies (NASDAQ: CYXT – Get a rating) last released its quarterly earnings data on Thursday, August 11. The company reported ($0.27) earnings per share for the quarter, missing analyst consensus estimates of ($0.19) by ($0.08). Cyxtera Technologies posted a negative return on equity of 27.18% and a negative net margin of 27.88%. The company posted revenue of $184.10 million in the quarter, versus analyst estimates of $185.00 million. During the same period last year, the company achieved EPS of ($0.88). The company’s revenue increased 5.0% year-over-year. Analysts predict that Cyxtera Technologies will post an EPS of -0.9 for the current year.
Wall Street analysts predict growth
A number of research companies have recently published reports on CYXT. Citigroup upgraded shares of Cyxtera Technologies from a “neutral” rating to a “buy” rating and set a price target of $13.00 on the stock in a Wednesday, August 24 research report. Truist Financial raised its price target on shares of Cyxtera Technologies from $15.00 to $20.00 and gave the stock a “buy” rating in a Wednesday, June 8 research report. Royal Bank of Canada raised its price target on shares of Cyxtera Technologies from $14.00 to $16.00 in a Monday, June 6 research report. Finally, Credit Suisse Group cut its price target on shares of Cyxtera Technologies to $13.00 in a Monday, August 15 research report. One research analyst gave the stock a hold rating and seven gave the company’s stock a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.
Cyxtera Technologies Company Profile
Cyxtera Technologies, Inc provides various data center products and services for enterprises, service providers and government agencies. It offers colocation, interconnect, deployment and retail support services; and Bare Metal, an on-demand IT infrastructure solution. The company is headquartered in Coral Gables, Florida.
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