Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report)’s stock price shot up 10.8% on Tuesday. The stock traded as high as $2.59 and last traded at $2.6150. Approximately 3,733,035 shares traded hands during trading, a decline of 79% from the average daily volume of 17,433,563 shares. The stock had previously closed at $2.36.
Analyst Ratings Changes
RXT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Rackspace Technology in a research note on Friday, August 28th. Wall Street Zen cut shares of Rackspace Technology from a “hold” rating to a “sell” rating in a research report on Saturday, August 15th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Rackspace Technology has a consensus rating of “Reduce” and a consensus price target of $4.00.
Check Out Our Latest Stock Analysis on Rackspace Technology
Rackspace Technology Price Performance
The stock has a market cap of $666.49 million, a price-to-earnings ratio of -3.98 and a beta of 3.10. The firm has a 50 day simple moving average of $3.38 and a two-hundred day simple moving average of $3.21.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last posted its earnings results on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.01. The company had revenue of $670.10 million for the quarter, compared to analyst estimates of $646.00 million. On average, sell-side analysts expect that Rackspace Technology, Inc. will post -0.28 earnings per share for the current fiscal year.
Insider Activity
In other Rackspace Technology news, Director Anthony Scott sold 48,780 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $4.25, for a total value of $207,315.00. Following the completion of the sale, the director owned 180,215 shares of the company’s stock, valued at approximately $765,913.75. This represents a 21.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Mark A. Marino sold 51,373 shares of the stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $2.95, for a total transaction of $151,550.35. Following the completion of the sale, the chief financial officer owned 2,865,853 shares in the company, valued at approximately $8,454,266.35. This trade represents a 1.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 714,141 shares of company stock worth $2,299,799 over the last quarter. 2.30% of the stock is owned by insiders.
Hedge Funds Weigh In On Rackspace Technology
Institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Rackspace Technology during the second quarter worth about $51,411,000. Janus Henderson Group PLC lifted its stake in Rackspace Technology by 179.7% in the 1st quarter. Janus Henderson Group PLC now owns 2,937,670 shares of the company’s stock valued at $2,878,000 after acquiring an additional 1,887,317 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Rackspace Technology by 14.0% in the 1st quarter. Renaissance Technologies LLC now owns 2,041,600 shares of the company’s stock valued at $2,000,000 after acquiring an additional 250,700 shares in the last quarter. CenterBook Partners LP acquired a new position in Rackspace Technology during the 3rd quarter worth approximately $7,330,000. Finally, Jupiter Topco LLC acquired a new position in Rackspace Technology during the 2nd quarter worth approximately $10,462,000. Institutional investors and hedge funds own 82.48% of the company’s stock.
About Rackspace Technology
Rackspace Technology, Inc is a technology services company that helps businesses design, build, operate and optimize information technology environments across public, private and hybrid clouds. Its offerings are intended to support organizations at various stages of cloud adoption, from migration and modernization to ongoing management and optimization.
The company provides managed cloud services for major cloud platforms, including Amazon Web Services, Microsoft Azure and Google Cloud.
Further Reading
- Five stocks we like better than Rackspace Technology
- Marriott’s Earnings Beat Shows Why It’s More Than a Bet on Travel Demand
- Franklin Templeton’s New ETFs Turn Stock Dividends Into Bitcoin—What’s the Catch?
- Apple’s Earnings Beat Comes With a Catch for Investors Heading Into the Holidays
- Palantir’s $2.3 Billion Quarter Puts Its Premium Valuation to the Test
Receive News & Ratings for Rackspace Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rackspace Technology and related companies with MarketBeat.com's FREE daily email newsletter.
