Rackspace Technology (NASDAQ:RXT) Trading Down 9.4% – Here’s What Happened

Rackspace Technology, Inc. (NASDAQ:RXT)’s stock price traded down 9.4% on Monday . The stock traded as low as $2.53 and last traded at $2.63. 283,317 shares were traded during trading, a decline of 66% from the average session volume of 830,270 shares. The stock had previously closed at $2.90.

Wall Street Analyst Weigh In

Separately, Barclays lifted their price target on shares of Rackspace Technology from $1.00 to $2.00 and gave the stock an “underweight” rating in a research report on Monday, November 18th. One investment 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, Rackspace Technology currently has an average rating of “Hold” and a consensus target price of $2.47.

Rackspace Technology Stock Down 8.1 %

The company’s fifty day moving average price is $2.51 and its two-hundred day moving average price is $2.50. The company has a market cap of $606.47 million, a price-to-earnings ratio of -0.69 and a beta of 2.04.

Rackspace Technology (NASDAQ:RXT) last released its earnings results on Thursday, February 20th. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.02. The firm had revenue of $685.60 million for the quarter, compared to the consensus estimate of $674.85 million.

Insider Activity at Rackspace Technology

In related news, CTO Srini Koushik sold 19,470 shares of Rackspace Technology stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $2.67, for a total value of $51,984.90. Following the sale, the chief technology officer now owns 1,026,279 shares of the company’s stock, valued at approximately $2,740,164.93. The trade was a 1.86 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark A. Marino sold 14,458 shares of the business’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 value of $33,831.72. Following the transaction, the chief financial officer now directly owns 1,915,356 shares in the company, valued at $4,481,933.04. This trade represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 209,322 shares of company stock valued at $542,829. 2.00% of the stock is owned by insiders.

Institutional Trading of Rackspace Technology

Large investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its stake in shares of Rackspace Technology by 24.0% during the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock worth $4,263,000 after purchasing an additional 373,627 shares during the last quarter. Geode Capital Management LLC grew its holdings in Rackspace Technology by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company’s stock worth $3,842,000 after purchasing an additional 64,923 shares during the period. D. E. Shaw & Co. Inc. grew its holdings in Rackspace Technology by 2.5% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company’s stock worth $2,660,000 after purchasing an additional 29,047 shares during the period. Jacobs Levy Equity Management Inc. increased its position in Rackspace Technology by 8.2% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 881,148 shares of the company’s stock worth $1,947,000 after buying an additional 66,524 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Rackspace Technology by 24.8% in the fourth quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock valued at $1,850,000 after buying an additional 166,528 shares during the period. Institutional investors and hedge funds 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.