CastleKnight Management LP Reduces Stock Position in Rackspace Technology, Inc. (NASDAQ:RXT)

CastleKnight Management LP trimmed its position in shares of Rackspace Technology, Inc. (NASDAQ:RXT - Free Report) by 7.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,391,147 shares of the company's stock after selling 280,545 shares during the quarter. CastleKnight Management LP owned about 1.49% of Rackspace Technology worth $7,494,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. purchased a new position in shares of Rackspace Technology during the 4th quarter valued at about $36,000. MetLife Investment Management LLC boosted its position in shares of Rackspace Technology by 89.4% in the fourth quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after purchasing an additional 8,281 shares during the period. Aquatic Capital Management LLC purchased a new stake in shares of Rackspace Technology in the fourth quarter worth $45,000. Quantbot Technologies LP purchased a new position in shares of Rackspace Technology during the 4th quarter valued at $57,000. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Rackspace Technology by 24.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 26,807 shares of the company's stock worth $60,000 after acquiring an additional 5,214 shares during the period. 82.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on RXT shares. Barclays decreased their price objective on Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating on the stock in a report on Friday, April 25th. UBS Group dropped their price target on shares of Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating for the company in a research note on Friday.

Insider Buying and Selling at Rackspace Technology

In other news, CFO Mark A. Marino sold 202,230 shares of the company's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $2.61, for a total transaction of $527,820.30. Following the completion of the sale, the chief financial officer now owns 1,713,126 shares of the company's stock, valued at $4,471,258.86. This represents a 10.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Amar Maletira sold 521,840 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $1.87, for a total value of $975,840.80. Following the completion of the transaction, the chief executive officer now owns 4,368,328 shares of the company's stock, valued at $8,168,773.36. The trade was a 10.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,154,204 shares of company stock valued at $2,384,960. 2.00% of the stock is owned by company insiders.

Rackspace Technology Stock Down 13.2 %

Shares of Rackspace Technology stock traded down $0.19 during trading on Friday, reaching $1.25. The company's stock had a trading volume of 1,627,981 shares, compared to its average volume of 928,111. The company has a market cap of $296.74 million, a price-to-earnings ratio of -0.32 and a beta of 2.14. The company has a 50-day simple moving average of $1.61 and a two-hundred day simple moving average of $2.21. Rackspace Technology, Inc. has a 1-year low of $1.24 and a 1-year high of $3.41.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.08) by $0.02. The firm had revenue of $665.40 million for the quarter, compared to analyst estimates of $657.98 million. During the same period last year, the firm earned ($0.11) EPS. The company's revenue for the quarter was down 3.7% compared to the same quarter last year.

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.