Rackspace Technology (NASDAQ:RXT) Shares Up 8.2% – What’s Next?

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price traded up 8.2% during mid-day trading on Friday . The stock traded as high as $2.52 and last traded at $2.58. Approximately 442,773 shares changed hands during trading, a decline of 44% from the average session volume of 794,191 shares. The stock had previously closed at $2.38.

Wall Street Analysts Forecast Growth

Separately, Barclays lifted their price target 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 equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $2.47.

Rackspace Technology Stock Up 9.5 %

The firm’s 50-day simple moving average is $2.42 and its 200-day simple moving average is $2.43. The firm has a market capitalization of $592.82 million, a P/E ratio of -0.75 and a beta of 2.02.

Rackspace Technology (NASDAQ:RXT) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.03. The company had revenue of $675.80 million during the quarter, compared to analysts’ expectations of $675.14 million. During the same quarter last year, the firm posted ($0.04) earnings per share. The firm’s revenue was down 7.7% on a year-over-year basis. As a group, analysts expect that Rackspace Technology, Inc. will post -0.27 EPS for the current fiscal year.

Insiders Place Their Bets

In other Rackspace Technology news, CFO Mark A. Marino sold 14,458 shares of the company’s stock in a transaction that occurred on Monday, January 27th. The stock was sold at an average price of $2.34, for a total transaction of $33,831.72. Following the transaction, the chief financial officer now owns 1,915,356 shares in the company, valued at approximately $4,481,933.04. This represents a 0.75 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Amar Maletira sold 55,461 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $2.54, for a total value of $140,870.94. Following the transaction, the chief executive officer now owns 4,928,523 shares of the company’s stock, valued at $12,518,448.42. The trade was a 1.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 209,322 shares of company stock valued at $542,829 in the last quarter. Insiders own 2.00% of the company’s stock.

Institutional Trading of Rackspace Technology

Several institutional investors have recently bought and sold shares of the company. Empower Advisory Group LLC purchased a new position in Rackspace Technology in the fourth quarter worth about $85,000. SG Americas Securities LLC raised its holdings in Rackspace Technology by 64.7% in the 4th quarter. SG Americas Securities LLC now owns 56,778 shares of the company’s stock worth $125,000 after acquiring an additional 22,311 shares during the last quarter. Franklin Resources Inc. bought a new position in Rackspace Technology in the 3rd quarter valued at approximately $443,000. Barclays PLC boosted its stake in Rackspace Technology by 86.1% during the 3rd quarter. Barclays PLC now owns 109,997 shares of the company’s stock valued at $270,000 after purchasing an additional 50,896 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Rackspace Technology by 32.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 127,851 shares of the company’s stock worth $313,000 after purchasing an additional 30,983 shares in the last quarter. 82.48% of the stock is owned by hedge funds and other institutional investors.

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.