Rackspace Technology (NASDAQ:RXT) Stock Price Up 9.9% - Here's Why

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) rose 9.9% on Monday . The stock traded as high as $2.59 and last traded at $2.56. Approximately 596,353 shares traded hands during trading, a decline of 45% from the average daily volume of 1,086,489 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

Separately, UBS Group boosted their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the company a "neutral" rating in a research note on Friday, August 16th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, Rackspace Technology has a consensus rating of "Hold" and an average target price of $2.34.

Rackspace Technology Trading Up 3.0 %

The firm has a market cap of $542.48 million, a PE ratio of -0.65 and a beta of 1.97. The company has a 50 day moving average price of $2.46 and a 200 day moving average price of $2.33.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, topping analysts' consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analysts' expectations 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 fiscal year.

Insider Activity at Rackspace Technology

In other news, CEO Amar Maletira sold 52,206 shares of the firm's stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $2.35, for a total transaction of $122,684.10. Following the completion of the transaction, the chief executive officer now directly owns 5,347,434 shares of the company's stock, valued at $12,566,469.90. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last three months, insiders have sold 227,321 shares of company stock valued at $542,103. Insiders own 2.00% of the company's stock.

Institutional Trading of Rackspace Technology

A number of hedge funds have recently bought and sold shares of the company. Creative Planning purchased a new position in Rackspace Technology during the third quarter worth about $29,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology during the 2nd quarter worth about $40,000. US Bancorp DE boosted its position in shares of Rackspace Technology by 10,766.2% in the third quarter. US Bancorp DE now owns 16,408 shares of the company's stock worth $40,000 after acquiring an additional 16,257 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in Rackspace Technology in the first quarter valued at approximately $35,000. Finally, The Manufacturers Life Insurance Company increased its position in Rackspace Technology by 44.7% during the second quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company's stock worth $89,000 after purchasing an additional 9,275 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company's stock.

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.