Rackspace Technology (NASDAQ:RXT) Director Anthony Scott Sells 40,000 Shares

Key Points

• Rackspace Technology's Director Anthony Scott sold 40,000 shares of the firm’s stock at an average price of $1.43, totaling $57,200, which represents a 17.31% decrease in his holdings.
• The company's stock recently traded up 3.6% to $1.45, with a 1-year low of $1.00 and a high of $3.41.
• Rackspace's latest earnings report revealed a loss of ($0.06) EPS, missing estimates, and a 2.7% decline in revenue compared to the previous year.

Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) Director Anthony Scott sold 40,000 shares of the firm's stock in a transaction that occurred on Monday, September 8th. The shares were sold at an average price of $1.43, for a total transaction of $57,200.00. Following the completion of the transaction, the director directly owned 191,045 shares of the company's stock, valued at approximately $273,194.35. The trade was a 17.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Rackspace Technology Trading Up 3.6%

Shares of RXT stock traded up $0.05 during trading on Monday, reaching $1.45. The company's stock had a trading volume of 957,749 shares, compared to its average volume of 833,986. Rackspace Technology, Inc. has a 1-year low of $1.00 and a 1-year high of $3.41. The stock's 50-day moving average price is $1.30 and its 200 day moving average price is $1.46.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $666.30 million for the quarter, compared to the consensus estimate of $658.86 million. The firm's revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) earnings per share. Rackspace Technology has set its Q3 2025 guidance at -0.060--0.040 EPS.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC acquired a new stake in shares of Rackspace Technology during the first quarter worth about $26,000. Quadrature Capital Ltd acquired a new position in Rackspace Technology in the 2nd quarter valued at about $26,000. Creative Planning raised its stake in Rackspace Technology by 114.2% during the 2nd quarter. Creative Planning now owns 25,715 shares of the company's stock valued at $33,000 after acquiring an additional 13,708 shares during the last quarter. Balyasny Asset Management L.P. acquired a new stake in Rackspace Technology during the 4th quarter worth approximately $36,000. Finally, MetLife Investment Management LLC lifted its position in Rackspace Technology by 89.4% during the 4th quarter. MetLife Investment Management LLC now owns 17,539 shares of the company's stock worth $39,000 after acquiring an additional 8,281 shares during the period. Hedge funds and other institutional investors own 82.48% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Raymond James Financial restated a "market perform" rating on shares of Rackspace Technology in a report on Monday, June 2nd. Royal Bank Of Canada dropped their target price on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating on the stock in a report on Monday, May 12th. BMO Capital Markets cut their price target on Rackspace Technology from $1.75 to $1.40 and set a "market perform" rating on the stock in a research note on Tuesday, August 12th. Finally, Wall Street Zen cut Rackspace Technology from a "hold" rating to a "sell" rating in a research report on Saturday, August 9th. Four equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Rackspace Technology currently has a consensus rating of "Reduce" and a consensus target price of $1.58.

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.

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