Rackspace Technology (NASDAQ:RXT) Shares Up 3.9% - Here's Why

Shares of Rackspace Technology, Inc. (NASDAQ:RXT - Get Free Report) rose 3.9% on Wednesday . The stock traded as high as $1.34 and last traded at $1.33. Approximately 859,620 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 936,455 shares. The stock had previously closed at $1.28.

Wall Street Analysts Forecast Growth

RXT has been the topic of a number of recent analyst reports. Wall Street Zen raised shares of Rackspace Technology from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Barclays dropped their price objective on shares of Rackspace Technology from $2.00 to $1.00 and set an "underweight" rating for the company in a report on Friday, April 25th. UBS Group reduced their target price on Rackspace Technology from $2.95 to $1.90 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Raymond James Financial reaffirmed a "market perform" rating on shares of Rackspace Technology in a research note on Monday, June 2nd. Finally, Royal Bank Of Canada cut their price objective on Rackspace Technology from $3.00 to $2.00 and set a "sector perform" rating for the company in a report on Monday, May 12th. One investment analyst has rated the stock with a sell rating and four have assigned a hold rating to the company's stock. According to data from MarketBeat, Rackspace Technology currently has an average rating of "Hold" and a consensus price target of $1.63.

Rackspace Technology Trading Up 1.5%

The stock has a market capitalization of $320.48 million, a P/E ratio of -1.05 and a beta of 2.06. The stock's fifty day moving average price is $1.26 and its two-hundred day moving average price is $1.85.

Rackspace Technology (NASDAQ:RXT - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $665.40 million during the quarter, compared to the consensus estimate of $657.98 million. During the same period in the prior year, the firm earned ($0.11) earnings per share. The business's revenue for the quarter was down 3.7% on a year-over-year basis.

Hedge Funds Weigh In On Rackspace Technology

Several institutional investors and hedge funds have recently bought and sold shares of RXT. Strs Ohio bought a new stake in Rackspace Technology in the first quarter valued at approximately $323,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Rackspace Technology in the first quarter worth $113,000. Jacobs Levy Equity Management Inc. raised its holdings in Rackspace Technology by 42.4% during the 1st quarter. Jacobs Levy Equity Management Inc. now owns 1,255,023 shares of the company's stock valued at $2,121,000 after buying an additional 373,875 shares during the last quarter. AQR Capital Management LLC raised its holdings in Rackspace Technology by 228.6% during the 1st quarter. AQR Capital Management LLC now owns 264,565 shares of the company's stock valued at $447,000 after buying an additional 184,058 shares during the last quarter. Finally, State of Wyoming purchased a new stake in Rackspace Technology during the 1st quarter valued at $200,000. 82.48% of the stock is currently owned by institutional investors.

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.