Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report)'s stock price traded down 9.4% during trading on Monday . The stock traded as low as $2.53 and last traded at $2.63. 283,317 shares changed hands during trading, a decline of 66% from the average session volume of 830,270 shares. The stock had previously closed at $2.90.
Analyst Ratings Changes
Separately, Barclays increased their target price on Rackspace Technology from $1.00 to $2.00 and gave the stock an "underweight" rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $2.47.
Check Out Our Latest Analysis on Rackspace Technology
Rackspace Technology Stock Performance
The company's 50 day simple moving average is $2.53 and its 200 day simple moving average is $2.50. The stock has a market cap of $572.34 million, a price-to-earnings ratio of -0.65 and a beta of 2.04.
Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its earnings results on Thursday, February 20th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.02. The business had revenue of $685.60 million for the quarter, compared to analyst estimates of $674.85 million.
Insider Buying and Selling at Rackspace Technology
In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the firm'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 $236,423.16. Following the transaction, the executive vice president now directly owns 2,334,166 shares in the company, valued at $6,232,223.22. This trade represents a 3.65 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Amar Maletira sold 55,461 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $2.54, for a total value of $140,870.94. Following the sale, the chief executive officer now owns 4,928,523 shares of the company's stock, valued at approximately $12,518,448.42. This trade represents a 1.11 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 411,552 shares of company stock worth $1,070,649. 2.00% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Rackspace Technology
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RXT. Renaissance Technologies LLC lifted its stake in shares of Rackspace Technology by 24.0% in the fourth quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company's stock worth $4,263,000 after buying an additional 373,627 shares during the last quarter. Geode Capital Management LLC raised its holdings in Rackspace Technology by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company's stock worth $3,842,000 after acquiring an additional 64,923 shares during the period. D. E. Shaw & Co. Inc. lifted its position in Rackspace Technology by 2.5% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company's stock worth $2,660,000 after acquiring an additional 29,047 shares during the last quarter. Jacobs Levy Equity Management Inc. boosted its holdings in Rackspace Technology by 8.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company's stock valued at $1,947,000 after acquiring an additional 66,524 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company's stock valued at $1,850,000 after purchasing an additional 166,528 shares during the last quarter. Institutional investors and hedge funds own 82.48% of the company's stock.
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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