Rackspace Technology (NASDAQ:RXT) Trading Up 6%

Rackspace Technology, Inc. (NASDAQ:RXT) shares were up 6% during mid-day trading on Wednesday . The stock traded as high as $2.66 and last traded at $2.66. Approximately 304,814 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,210,280 shares. The stock had previously closed at $2.51.

Analyst Ratings Changes

Several equities analysts recently issued reports on RXT shares. Evercore ISI decreased their price objective on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating for the company in a research report on Wednesday, March 13th. BMO Capital Markets boosted their target price on Rackspace Technology from $1.50 to $2.50 and gave the company a “market perform” rating in a research note on Wednesday, March 13th. Royal Bank of Canada restated a “sector perform” rating and issued a $3.00 target price on shares of Rackspace Technology in a research note on Wednesday, March 13th. Finally, Raymond James cut their target price on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a research note on Wednesday, March 13th. Two analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $2.31.

Rackspace Technology Stock Up 4.5 %

The business has a 50 day moving average of $2.09 and a two-hundred day moving average of $1.89.

Rackspace Technology (NASDAQ:RXT) last posted its quarterly earnings results on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Rackspace Technology had a negative return on equity of 10.18% and a negative net margin of 29.99%. The business had revenue of $690.80 million for the quarter, compared to analysts’ expectations of $684.21 million. During the same quarter in the prior year, the business earned ($0.02) EPS. The firm’s revenue for the quarter was down 8.9% on a year-over-year basis. On average, equities analysts expect that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at Rackspace Technology

In other Rackspace Technology news, insider Kellie Teal-Guess sold 61,393 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total value of $130,767.09. Following the transaction, the insider now directly owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Rackspace Technology

Several large investors have recently bought and sold shares of RXT. Fountainhead AM LLC bought a new position in shares of Rackspace Technology during the fourth quarter worth about $25,000. Raymond James & Associates acquired a new stake in Rackspace Technology in the fourth quarter valued at approximately $29,000. Susquehanna Fundamental Investments LLC acquired a new stake in Rackspace Technology in the first quarter valued at approximately $35,000. Tower Research Capital LLC TRC grew its stake in Rackspace Technology by 1,140.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock valued at $42,000 after acquiring an additional 19,462 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp grew its stake in Rackspace Technology by 98.2% in the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 33,263 shares of the company’s stock valued at $51,000 after acquiring an additional 16,484 shares during the period. 82.48% of the stock is currently owned by 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.