Rackspace Technology (NASDAQ:RXT) Trading Up 7.4% – Here’s What Happened

Rackspace Technology, Inc. (NASDAQ:RXT)’s share price traded up 7.4% during trading on Monday . The company traded as high as $2.77 and last traded at $2.77. 55,788 shares traded hands during trading, a decline of 95% from the average session volume of 1,096,131 shares. The stock had previously closed at $2.58.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. UBS Group boosted their price target on Rackspace Technology from $2.10 to $2.30 and gave the company a “neutral” rating in a report on Friday, August 16th. Barclays lifted their price objective on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a research report on Monday, November 18th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Rackspace Technology currently has an average rating of “Hold” and a consensus target price of $2.47.

Rackspace Technology Trading Up 4.3 %

The company’s 50 day moving average price is $2.55 and its 200-day moving average price is $2.42.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.03. The firm had revenue of $675.80 million for the quarter, compared to analysts’ expectations of $675.14 million. During the same period last year, the firm posted ($0.04) EPS. Rackspace Technology’s revenue was down 7.7% on a year-over-year basis. As a group, sell-side 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, CEO Amar Maletira sold 82,552 shares of Rackspace Technology 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 sale, the chief executive officer now owns 4,983,984 shares of the company’s stock, valued at $11,812,042.08. The trade was a 1.63 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Rackspace Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in Rackspace Technology by 23.7% during the 2nd quarter. Renaissance Technologies LLC now owns 1,339,200 shares of the company’s stock valued at $3,991,000 after purchasing an additional 256,900 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Rackspace Technology by 30.1% during the first quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after buying an additional 30,916 shares during the period. US Bancorp DE grew its holdings in 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. Allspring Global Investments Holdings LLC acquired a new stake in Rackspace Technology in the 2nd quarter valued at approximately $40,000. Finally, Creative Planning acquired a new stake in Rackspace Technology in the 3rd quarter valued at approximately $29,000. 82.48% of the stock is owned by institutional investors and hedge funds.

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.