Rackspace Technology (NASDAQ:RXT) Stock Price Up 9.9% – Still a Buy?

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price rose 9.9% on Monday . The stock traded as high as $2.59 and last traded at $2.56. Approximately 596,353 shares were traded during trading, a decline of 45% from the average daily volume of 1,086,489 shares. The stock had previously closed at $2.33.

Analyst Upgrades and Downgrades

Separately, UBS Group boosted their target price 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 given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $2.34.

Rackspace Technology Price Performance

The company has a market capitalization of $542.48 million, a P/E ratio of -0.65 and a beta of 1.97. The company has a fifty day simple moving average of $2.46 and a two-hundred day simple moving average of $2.33.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.03. The firm had revenue of $684.90 million for the quarter, compared to analyst estimates of $669.10 million. Equities analysts anticipate that Rackspace Technology, Inc. will post -0.32 earnings per share for the current year.

Insider Activity

In other news, CEO Amar Maletira sold 84,823 shares of Rackspace Technology stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $2.42, for a total value of $205,271.66. Following the completion of the transaction, the chief executive officer now owns 5,158,399 shares in the company, valued at approximately $12,483,325.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last 90 days, insiders sold 227,321 shares of company stock worth $542,103. Insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning acquired a new position in shares of Rackspace Technology in the 3rd quarter valued at $29,000. Susquehanna Fundamental Investments LLC acquired a new position in Rackspace Technology in the 1st quarter worth $35,000. Allspring Global Investments Holdings LLC acquired a new position in Rackspace Technology in the 2nd quarter worth $40,000. US Bancorp DE boosted its stake 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 purchasing an additional 16,257 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp boosted its stake in 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 purchasing an additional 16,484 shares during the period. Institutional investors 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.