Rackspace Technology (NASDAQ:RXT) Trading Up 6.8% - What's Next?

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) shares rose 6.8% on Wednesday . The company traded as high as $2.82 and last traded at $2.81. Approximately 276,878 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 1,141,568 shares. The stock had previously closed at $2.63.

Analyst Upgrades and Downgrades

Separately, UBS Group increased their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a "neutral" rating in a research note on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $2.15.

Rackspace Technology Trading Up 6.5 %

The business's fifty day simple moving average is $2.34 and its 200-day simple moving average is $2.21.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.11) by $0.03. The company had revenue of $684.90 million during the quarter, compared to the consensus estimate of $669.10 million. As a group, equities research analysts anticipate that Rackspace Technology, Inc. will post -0.32 earnings per share for the current year.

Insider Buying and Selling

In other Rackspace Technology news, CEO Amar Maletira sold 82,552 shares of Rackspace Technology stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $2.37, for a total value of $195,648.24. Following the sale, the chief executive officer now owns 4,983,984 shares of the company's stock, valued at $11,812,042.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business's stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the sale, the executive vice president now directly owns 2,466,593 shares of the company's stock, valued at $5,821,159.48. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Amar Maletira sold 82,552 shares of the company's stock in a transaction that occurred on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total value of $195,648.24. Following the sale, the chief executive officer now owns 4,983,984 shares in the company, valued at approximately $11,812,042.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 376,570 shares of company stock worth $894,330. Corporate insiders own 1.00% of the company's stock.

Hedge Funds Weigh In On Rackspace Technology

A number of institutional investors and hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP bought a new stake in Rackspace Technology in the first quarter worth about $531,000. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company's stock worth $3,991,000 after acquiring an additional 256,900 shares during the last quarter. Sargent Investment Group LLC boosted its holdings in Rackspace Technology by 86.9% during the 2nd quarter. Sargent Investment Group LLC now owns 215,100 shares of the company's stock valued at $641,000 after acquiring an additional 100,000 shares during the period. Bank of New York Mellon Corp grew its position in Rackspace Technology by 17.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 222,778 shares of the company's stock valued at $664,000 after acquiring an additional 32,468 shares during the last quarter. Finally, Susquehanna Fundamental Investments LLC increased its stake in Rackspace Technology by 143.7% in the second quarter. Susquehanna Fundamental Investments LLC now owns 53,506 shares of the company's stock worth $159,000 after purchasing an additional 31,550 shares during the period. Hedge funds and other institutional investors own 82.48% of the company's stock.

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.