Rackspace Technology (NASDAQ:RXT) Trading Down 3.3%

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price was down 3.3% during trading on Wednesday . The stock traded as low as $2.32 and last traded at $2.32. Approximately 43,356 shares traded hands during mid-day trading, a decline of 97% from the average daily volume of 1,276,036 shares. The stock had previously closed at $2.40.

Rackspace Technology Stock Down 9.2 %

The company has a market cap of $487.99 million, a P/E ratio of -0.57 and a beta of 1.98. The business has a fifty day moving average price of $2.49 and a 200-day moving average price of $2.05.

Insider Transactions at Rackspace Technology

In related news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now owns 909,775 shares of the company’s stock, valued at $1,937,820.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the sale, the executive vice president now owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Kellie Teal-Guess sold 61,393 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now directly owns 909,775 shares in the company, valued at $1,937,820.75. The disclosure for this sale can be found here. Company insiders own 1.00% of the company’s stock.

Hedge Funds Weigh In On Rackspace Technology

Large investors have recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in shares of Rackspace Technology by 35.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,535,746 shares of the company’s stock valued at $5,071,000 after acquiring an additional 667,329 shares during the period. GSA Capital Partners LLP bought a new position in Rackspace Technology during the first quarter valued at $531,000. CastleKnight Management LP purchased a new position in shares of Rackspace Technology in the 4th quarter worth $1,201,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Rackspace Technology during the 4th quarter valued at about $102,000. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in shares of Rackspace Technology during the 1st quarter valued at about $35,000. 82.48% of the stock is currently owned by institutional investors.

About Rackspace Technology

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.