GSA Capital Partners LLP Invests $412,000 in Rackspace Technology, Inc. (NASDAQ:RXT)

GSA Capital Partners LLP acquired a new position in Rackspace Technology, Inc. (NASDAQ:RXT) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 168,131 shares of the company’s stock, valued at approximately $412,000. GSA Capital Partners LLP owned approximately 0.07% of Rackspace Technology at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning purchased a new position in Rackspace Technology during the third quarter valued at $29,000. Allspring Global Investments Holdings LLC purchased a new position in shares of Rackspace Technology in the 2nd quarter worth $40,000. US Bancorp DE grew 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 worth $40,000 after buying an additional 16,257 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of Rackspace Technology by 98.2% in the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock worth $51,000 after acquiring an additional 16,484 shares during the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of Rackspace Technology by 64.7% in the 3rd 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 during the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Amar Maletira sold 82,552 shares of the company’s stock in a transaction on Wednesday, October 2nd. The shares were sold at an average price of $2.37, for a total transaction of $195,648.24. Following the completion of the sale, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at $11,812,042.08. This represents a 1.63 % 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. 2.00% of the stock is currently owned by company insiders.

Rackspace Technology Price Performance

RXT opened at $2.38 on Friday. The firm has a fifty day moving average price of $2.55 and a 200 day moving average price of $2.41. Rackspace Technology, Inc. has a 1 year low of $1.22 and a 1 year high of $3.41. The stock has a market cap of $541.62 million, a P/E ratio of -0.68 and a beta of 1.97.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.03. The company had revenue of $675.80 million for the quarter, compared to analyst estimates of $675.14 million. The business’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.04) earnings per share. Equities analysts expect that Rackspace Technology, Inc. will post -0.27 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RXT. Barclays lifted their price objective on shares of Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday. UBS Group lifted their price objective on shares of Rackspace Technology from $2.10 to $2.30 and gave the stock a “neutral” rating in a research report on Friday, August 16th. One investment 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, the company presently has a consensus rating of “Hold” and an average target price of $2.47.

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.