Rackspace Technology (NASDAQ:RXT) Stock Price Up 5.9%

Rackspace Technology, Inc. (NASDAQ:RXT) shares were up 5.9% during mid-day trading on Tuesday . The company traded as high as $2.36 and last traded at $2.35. Approximately 213,237 shares changed hands during trading, a decline of 83% from the average daily volume of 1,276,986 shares. The stock had previously closed at $2.22.

Rackspace Technology Price Performance

The firm has a market capitalization of $526.05 million, a price-to-earnings ratio of -0.60 and a beta of 1.98. The firm’s 50-day moving average price is $2.48 and its 200 day moving average price is $2.05.

Insider Transactions at Rackspace Technology

In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Kellie Teal-Guess sold 61,393 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the transaction, the insider now directly owns 909,775 shares in the company, valued at approximately $1,937,820.75. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Institutional Trading of Rackspace Technology

A number of institutional investors have recently modified their holdings of the company. Fountainhead AM LLC acquired a new position in shares of Rackspace Technology during the fourth quarter worth about $25,000. Raymond James & Associates acquired a new position in Rackspace Technology during the 4th quarter worth approximately $29,000. Susquehanna Fundamental Investments LLC purchased a new position in Rackspace Technology in the 1st quarter worth approximately $35,000. Allspring Global Investments Holdings LLC purchased a new position in Rackspace Technology in the 2nd quarter worth approximately $40,000. Finally, Tower Research Capital LLC TRC grew its position in Rackspace Technology by 1,140.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 21,168 shares of the company’s stock valued at $42,000 after acquiring an additional 19,462 shares in the last quarter. Hedge funds and other institutional investors own 82.48% of the company’s stock.

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.