Cyxtera Technologies, Inc. (NASDAQ:CYXT) Sees Large Decrease in Short Interest – MarketBeat

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Cyxtera Technologies, Inc. (NASDAQ:CYXT – Get Rating) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 6,080,000 shares, a decline of 8.4% from the September 30th total of 6,640,000 shares. Based on an average daily trading volume, of 735,400 shares, the short-interest ratio is currently 8.3 days. Currently, 8.3% of the shares of the company are sold short.

Cyxtera Technologies Price Performance

Shares of CYXT stock traded up $0.01 during midday trading on Friday, reaching $2.61. 489,431 shares of the company were exchanged, compared to its average volume of 766,420. Cyxtera Technologies has a 12 month low of $2.46 and a 12 month high of $15.42. The company’s 50 day moving average price is $4.54 and its two-hundred day moving average price is $9.69. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 3.06.
Cyxtera Technologies (NASDAQ:CYXT – Get Rating) last released its quarterly earnings results on Thursday, August 11th. The company reported ($0.27) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.08). Cyxtera Technologies had a negative return on equity of 27.18% and a negative net margin of 27.88%. The company had revenue of $184.10 million for the quarter, compared to the consensus estimate of $185.00 million. During the same quarter last year, the firm posted ($0.88) earnings per share. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, analysts forecast that Cyxtera Technologies will post -0.9 EPS for the current fiscal year.

Analysts Set New Price Targets

CYXT has been the subject of a number of analyst reports. Credit Suisse Group reduced their target price on shares of Cyxtera Technologies to $6.00 in a research note on Thursday, October 13th. Truist Financial reduced their target price on shares of Cyxtera Technologies from $20.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, September 20th. Finally, Citigroup raised shares of Cyxtera Technologies from a “neutral” rating to a “buy” rating and set a $13.00 target price for the company in a research note on Wednesday, August 24th. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.83.

Insider Activity

In other news, CFO Carlos Ignacio Sagasta sold 19,304 shares of Cyxtera Technologies stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $11.77, for a total value of $227,208.08. Following the completion of the transaction, the chief financial officer now directly owns 54,258 shares of the company’s stock, valued at approximately $638,616.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, COO James Randolph Rowland sold 9,885 shares of Cyxtera Technologies stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $12.29, for a total value of $121,486.65. Following the completion of the transaction, the chief operating officer now directly owns 91,052 shares of the company’s stock, valued at approximately $1,119,029.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Carlos Ignacio Sagasta sold 19,304 shares of Cyxtera Technologies stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $11.77, for a total transaction of $227,208.08. Following the completion of the transaction, the chief financial officer now directly owns 54,258 shares of the company’s stock, valued at $638,616.66. The disclosure for this sale can be found here. In the last three months, insiders sold 147,318 shares of company stock valued at $1,762,105. Company insiders own 73.20% of the company’s stock.

Institutional Trading of Cyxtera Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Pacer Advisors Inc. raised its holdings in shares of Cyxtera Technologies by 47.4% in the 3rd quarter. Pacer Advisors Inc. now owns 700,785 shares of the company’s stock worth $2,859,000 after purchasing an additional 225,308 shares in the last quarter. Exchange Traded Concepts LLC bought a new stake in shares of Cyxtera Technologies in the 3rd quarter worth approximately $30,000. Legal & General Group Plc bought a new stake in shares of Cyxtera Technologies in the 2nd quarter worth approximately $194,000. Goldman Sachs Group Inc. raised its holdings in shares of Cyxtera Technologies by 139.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 107,170 shares of the company’s stock worth $1,215,000 after purchasing an additional 62,324 shares in the last quarter. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of Cyxtera Technologies in the 2nd quarter worth approximately $817,000.

Cyxtera Technologies Company Profile

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Cyxtera Technologies, Inc provides various data center products and services for enterprises, service providers, and government agencies. It offers retail colocation, interconnection, deployment, and support services; and Bare Metal, an on-demand IT infrastructure solution. The company is headquartered in Coral Gables, Florida.

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