Dharmendra Kumar Sinha Sells 149,249 Shares of Rackspace Technology, Inc. (NASDAQ:RXT) Stock

Rackspace Technology, Inc. (NASDAQ:RXT) EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Rackspace Technology Stock Performance

Shares of NASDAQ RXT opened at $2.23 on Wednesday. The stock has a market cap of $499.19 million, a PE ratio of -0.56 and a beta of 1.97. Rackspace Technology, Inc. has a fifty-two week low of $1.15 and a fifty-two week high of $3.18. The stock has a fifty day moving average of $2.44 and a 200-day moving average of $2.02.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $690.80 million during the quarter, compared to analysts’ expectations of $684.21 million. During the same quarter last year, the firm posted ($0.02) earnings per share. Rackspace Technology’s revenue for the quarter was down 8.9% compared to the same quarter last year. On average, sell-side analysts predict that Rackspace Technology, Inc. will post -0.38 EPS for the current year.

Hedge Funds Weigh In On Rackspace Technology

Institutional investors have recently added to or reduced their stakes in the business. Fountainhead AM LLC bought a new position in Rackspace Technology in the 4th quarter worth about $25,000. Raymond James & Associates bought a new position in Rackspace Technology in the 4th quarter worth about $29,000. Susquehanna Fundamental Investments LLC bought a new position in Rackspace Technology in the 1st quarter worth about $35,000. Allspring Global Investments Holdings LLC bought a new position in Rackspace Technology in the 2nd quarter worth about $40,000. Finally, Tower Research Capital LLC TRC increased its stake in Rackspace Technology by 1,140.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock worth $42,000 after acquiring an additional 19,462 shares during the last quarter. 82.48% of the stock is currently 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.