Rackspace Technology (NASDAQ:RXT) Stock Price Up 6%

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

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $3.00 price objective on shares of Rackspace Technology in a report on Wednesday, March 13th. Raymond James dropped their target price on Rackspace Technology from $3.50 to $3.00 and set an “outperform” rating on the stock in a report on Wednesday, March 13th. Evercore ISI dropped their target price on Rackspace Technology from $3.00 to $2.00 and set an “in-line” rating on the stock in a 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 stock a “market perform” rating in a 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 company’s stock. Based on data from MarketBeat.com, Rackspace Technology presently has an average rating of “Hold” and a consensus price target of $2.31.

Rackspace Technology Price Performance

The company has a market capitalization of $608.87 million, a price-to-earnings ratio of -0.67 and a beta of 1.87. The firm has a fifty day simple moving average of $2.03 and a 200 day simple moving average of $1.87.

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

Insider Buying and Selling

In other news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology 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 completion of the sale, the insider now directly owns 909,775 shares of the company’s stock, valued at $1,937,820.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Public Employees Retirement System of Ohio grew its stake in Rackspace Technology by 30.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 133,484 shares of the company’s stock worth $211,000 after purchasing an additional 30,916 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its holdings in Rackspace Technology by 98.2% during 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. Susquehanna Fundamental Investments LLC purchased a new stake in Rackspace Technology during the 1st quarter worth about $35,000. GSA Capital Partners LLP purchased a new stake in Rackspace Technology during the 1st quarter worth about $531,000. Finally, CastleKnight Management LP purchased a new stake in Rackspace Technology during the 4th quarter worth about $1,201,000. 82.48% of the stock is 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.