Rackspace Technology (NASDAQ:RXT) Trading Down 9.4% – Should You Sell?

Rackspace Technology, Inc. (NASDAQ:RXT) 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.

Analyst Ratings Changes

Separately, Barclays raised their target price on Rackspace Technology from $1.00 to $2.00 and gave the company an “underweight” rating in a report on Monday, November 18th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $2.47.

Rackspace Technology Stock Down 8.1 %

The firm has a market capitalization of $606.47 million, a P/E ratio of -0.69 and a beta of 2.04. The business has a 50-day moving average price of $2.51 and a 200-day moving average price of $2.50.

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

Insider Buying and Selling at Rackspace Technology

In other news, EVP Dharmendra Kumar Sinha sold 88,548 shares of the business’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $2.67, for a total value of $236,423.16. Following the sale, the executive vice president now owns 2,334,166 shares in the company, valued at approximately $6,232,223.22. The trade was a 3.65 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Anthony C. Roberts bought 19,455 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $2.60 per share, with a total value of $50,583.00. Following the transaction, the director now directly owns 161,930 shares in the company, valued at $421,018. This represents a 13.66 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 209,322 shares of company stock valued at $542,829. 2.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RXT. Renaissance Technologies LLC raised its position in Rackspace Technology by 24.0% in the 4th quarter. Renaissance Technologies LLC now owns 1,929,127 shares of the company’s stock valued at $4,263,000 after purchasing an additional 373,627 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Rackspace Technology by 3.9% in the fourth quarter. Geode Capital Management LLC now owns 1,737,981 shares of the company’s stock valued at $3,842,000 after buying an additional 64,923 shares in the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Rackspace Technology by 2.5% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,203,806 shares of the company’s stock valued at $2,660,000 after buying an additional 29,047 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Rackspace Technology by 8.2% during the 4th 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 in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Rackspace Technology by 24.8% during the 4th quarter. JPMorgan Chase & Co. now owns 837,139 shares of the company’s stock worth $1,850,000 after acquiring an additional 166,528 shares during the last quarter. 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.