Rackspace Technology (NASDAQ:RXT) Shares Gap Up to $2.98

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $2.98, but opened at $3.09. Rackspace Technology shares last traded at $2.91, with a volume of 172,672 shares trading hands.

Analyst Upgrades and Downgrades

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

Rackspace Technology Stock Down 0.7 %

The firm has a fifty day moving average of $2.17 and a two-hundred day moving average of $1.91.

Rackspace Technology (NASDAQ:RXT) last announced its quarterly earnings data on Wednesday, May 15th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. The firm had revenue of $690.80 million during the quarter, compared to analysts’ expectations of $684.21 million. During the same period last year, the business posted ($0.02) EPS. The company’s revenue was down 8.9% compared to the same quarter last year. As a group, analysts forecast that Rackspace Technology, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Trading of Rackspace Technology

A number of large investors have recently modified their holdings of RXT. Fountainhead AM LLC bought a new stake in shares of Rackspace Technology during the 4th quarter valued at about $25,000. Raymond James & Associates bought a new stake in Rackspace Technology in the 4th quarter worth approximately $29,000. Susquehanna Fundamental Investments LLC bought a new stake in Rackspace Technology in the 1st quarter worth approximately $35,000. Tower Research Capital LLC TRC lifted its position in Rackspace Technology by 1,140.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock worth $42,000 after buying an additional 19,462 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position 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 buying an additional 16,484 shares during the last quarter. Institutional investors own 82.48% of the company’s stock.

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.