Rackspace Technology (NASDAQ:RXT) Stock Price Up 6.8% – Here’s What Happened

Rackspace Technology, Inc. (NASDAQ:RXT)’s share price rose 6.8% during trading on Wednesday . The stock traded as high as $2.82 and last traded at $2.81. 276,878 shares traded hands during trading, a decline of 76% from the average daily volume of 1,141,568 shares. The stock had previously closed at $2.63.

Analysts Set New Price Targets

Separately, UBS Group lifted their price target on Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $2.15.

Rackspace Technology Stock Up 6.5 %

The firm has a market cap of $626.78 million, a price-to-earnings ratio of -0.71 and a beta of 1.98. The stock’s 50 day moving average is $2.34 and its 200 day moving average is $2.21.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $669.10 million. Analysts anticipate that Rackspace Technology, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Activity

In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 5,347,434 shares of the company’s stock, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of the company’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 value of $122,684.10. Following the transaction, the chief executive officer now owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total value of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares in the company, valued at $5,821,159.48. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 376,570 shares of company stock worth $894,330. Insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RXT. SG Americas Securities LLC grew its position in shares of Rackspace Technology by 64.7% in the third quarter. SG Americas Securities LLC now owns 34,467 shares of the company’s stock valued at $84,000 after purchasing an additional 13,543 shares during the last quarter. Susquehanna Fundamental Investments LLC lifted its stake in Rackspace Technology by 143.7% during 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. The Manufacturers Life Insurance Company boosted its stake in Rackspace Technology by 44.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 30,019 shares of the company’s stock valued at $89,000 after buying an additional 9,275 shares in the last quarter. Sargent Investment Group LLC grew its position in Rackspace Technology by 86.9% in the second 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. Finally, Renaissance Technologies LLC grew its position in Rackspace Technology by 23.7% in the second quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after acquiring an additional 256,900 shares during the period. 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.