Shares of Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report) saw strong trading volume on Monday . 1,164,918 shares traded hands during trading, a decline of 4% from the previous session’s volume of 1,214,132 shares.The stock last traded at $2.32 and had previously closed at $2.51.
Rackspace Technology Trading Down 4.4 %
The company has a market cap of $537.24 million, a price-to-earnings ratio of -0.59 and a beta of 1.98. The stock has a 50 day moving average price of $2.34 and a two-hundred day moving average price of $1.97.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $690.80 million for the quarter, compared to the consensus estimate of $684.21 million. During the same period in the prior year, the business earned ($0.02) earnings per share. The company’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, equities analysts forecast that Rackspace Technology, Inc. will post -0.38 EPS for the current fiscal year.
Insiders Place Their Bets
Hedge Funds Weigh In On Rackspace Technology
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its position in Rackspace Technology by 35.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock worth $5,071,000 after buying an additional 667,329 shares during the last quarter. CastleKnight Management LP acquired a new position in shares of Rackspace Technology during the 4th quarter worth approximately $1,201,000. GSA Capital Partners LLP bought a new stake in Rackspace Technology in the 1st quarter valued at $531,000. Russell Investments Group Ltd. acquired a new stake in Rackspace Technology during the 4th quarter valued at $166,000. Finally, Aristides Capital LLC bought a new position in Rackspace Technology during the fourth quarter worth $151,000. 82.48% of the stock is owned by institutional investors.
Rackspace Technology Company Profile
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.
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