Rackspace Technology (NASDAQ:RXT) Trading 8.5% Higher

Shares of Rackspace Technology, Inc. (NASDAQ:RXT) shot up 8.5% during mid-day trading on Monday . The stock traded as high as $2.29 and last traded at $2.29. 261,731 shares changed hands during trading, a decline of 78% from the average session volume of 1,211,891 shares. The stock had previously closed at $2.11.

Analyst Ratings Changes

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

Rackspace Technology Price Performance

The company has a market cap of $546.20 million, a price-to-earnings ratio of -0.60 and a beta of 1.97. The business’s 50-day simple moving average is $2.39 and its 200-day simple moving average is $2.12.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.11) by $0.03. The business had revenue of $684.90 million for the quarter, compared to analyst estimates of $669.10 million. As a group, sell-side analysts forecast that Rackspace Technology, Inc. will post -0.32 EPS for the current year.

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, CEO Amar Maletira sold 52,206 shares of Rackspace Technology stock in a transaction 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. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CEO Amar Maletira sold 52,206 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was 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 owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction 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 approximately $5,821,159.48. The disclosure for this sale can be found here. Insiders have sold a total of 209,195 shares of company stock worth $493,410 in the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several large investors have recently added to or reduced their stakes in the stock. Allspring Global Investments Holdings LLC purchased a new stake in shares of Rackspace Technology in the second quarter worth about $40,000. Susquehanna Fundamental Investments LLC purchased a new stake in Rackspace Technology during the 1st quarter worth approximately $35,000. The Manufacturers Life Insurance Company raised its position in shares of 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 purchasing an additional 9,275 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of Rackspace Technology by 98.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after buying an additional 16,484 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd bought a new stake in shares of Rackspace Technology in the fourth quarter worth $102,000. 82.48% of the stock is currently owned by institutional investors and hedge funds.

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.