Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report)'s stock price rose 8.2% during trading on Friday . The company traded as high as $2.52 and last traded at $2.58. Approximately 442,773 shares changed hands during trading, a decline of 44% from the average daily volume of 794,191 shares. The stock had previously closed at $2.38.
Wall Street Analysts Forecast Growth
Separately, Barclays lifted their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock an "underweight" rating in a report on Monday, November 18th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Rackspace Technology presently has a consensus rating of "Hold" and an average target price of $2.47.
View Our Latest Research Report on Rackspace Technology
Rackspace Technology Trading Up 7.1 %
The business's 50-day simple moving average is $2.42 and its 200-day simple moving average is $2.43. The company has a market cap of $650.85 million, a PE ratio of -0.82 and a beta of 2.04.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.03. The firm had revenue of $675.80 million during the quarter, compared to analyst estimates of $675.14 million. The company's quarterly revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) EPS. On average, research analysts predict that Rackspace Technology, Inc. will post -0.27 earnings per share for the current fiscal year.
Insiders Place Their Bets
In related news, CTO Srini Koushik sold 19,470 shares of the business's stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total transaction of $51,984.90. Following the completion of the transaction, the chief technology officer now owns 1,026,279 shares of the company's stock, valued at approximately $2,740,164.93. The trade was a 1.86 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark A. Marino sold 14,458 shares of the firm's stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $2.34, for a total value of $33,831.72. Following the completion of the sale, the chief financial officer now directly owns 1,915,356 shares in the company, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 209,322 shares of company stock valued at $542,829 over the last 90 days. 2.00% of the stock is currently owned by company insiders.
Institutional Trading of Rackspace Technology
A number of hedge funds have recently bought and sold shares of the stock. The Manufacturers Life Insurance Company boosted its stake 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 buying an additional 9,275 shares in the last quarter. SG Americas Securities LLC raised its stake in Rackspace Technology by 64.7% during the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company's stock worth $84,000 after acquiring an additional 13,543 shares in the last quarter. Creative Planning bought a new position in shares of Rackspace Technology during the third quarter valued at $29,000. US Bancorp DE boosted its stake in shares of Rackspace Technology by 10,766.2% in the 3rd quarter. US Bancorp DE now owns 16,408 shares of the company's stock valued at $40,000 after purchasing an additional 16,257 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in shares of Rackspace Technology in the 3rd quarter worth about $412,000. 82.48% of the stock is owned by institutional investors.
About Rackspace Technology
(
Get Free Report)
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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