Rackspace Technology (NASDAQ:RXT) Trading Up 5.7%

Rackspace Technology, Inc. (NASDAQ:RXTGet Free Report)’s share price shot up 5.7% on Monday . The stock traded as high as $2.96 and last traded at $2.95. 275,413 shares traded hands during trading, a decline of 77% from the average session volume of 1,217,800 shares. The stock had previously closed at $2.79.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on RXT. Evercore ISI decreased their price target on shares of Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research note on Wednesday, March 13th. Raymond James cut their price target on shares of Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and set a $3.00 target price on shares of Rackspace Technology in a research report on Wednesday, March 13th. Finally, BMO Capital Markets upped their price objective on shares of Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $2.31.

View Our Latest Research Report on RXT

Rackspace Technology Trading Down 7.1 %

The stock’s fifty day moving average price is $2.29 and its two-hundred day moving average price is $1.95. The firm has a market capitalization of $613.35 million, a price-to-earnings ratio of -0.69 and a beta of 1.98.

Rackspace Technology (NASDAQ:RXTGet Free Report) last issued its quarterly earnings data on Wednesday, May 15th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $690.80 million for the quarter, compared to analysts’ expectations of $684.21 million. The company’s revenue for the quarter was down 8.9% on a year-over-year basis. During the same period in the previous year, the business posted ($0.02) earnings per share. Analysts anticipate that Rackspace Technology, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Kellie Teal-Guess sold 61,393 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $2.13, for a total value of $130,767.09. Following the completion of the sale, the insider now owns 909,775 shares in the company, valued at $1,937,820.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Institutional investors have recently modified their holdings of the company. Fountainhead AM LLC purchased a new stake in Rackspace Technology during the fourth quarter worth approximately $25,000. Raymond James & Associates acquired a new position in shares of Rackspace Technology during the fourth quarter worth $29,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Rackspace Technology during the first quarter worth $35,000. Tower Research Capital LLC TRC lifted its position in shares of Rackspace Technology by 1,140.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock worth $42,000 after purchasing an additional 19,462 shares in the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in shares of Rackspace Technology by 98.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after purchasing an additional 16,484 shares in the last quarter. Institutional investors and hedge funds own 82.48% of the company’s stock.

Rackspace Technology Company Profile

(Get Free Report)

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.

Further Reading

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