Rackspace Technology Inc. (RXT): Street Finally Waking Up


    With over 11.73 million Rackspace Technology Inc. (RXT) shares trading Monday and a closing price of $21.35 on the day, the dollar volume was approximately $250.54 million. The shares have shown a positive weekly performance of 16.29% and its price on 08/31/20 gained nearly 10.45%. Currently, there are 192.47M common shares owned by the public and among those 36.47M shares have been available to trade.

    An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for RXT have a consensus price objective of $28.11. The analysts have set the share’s price value over the next 12 months at a high of $44.00 and a low of $24.00 should the stock experience a downside. But an upside of 51.48% will see the stock hit the forecast high price target while mean target price for the stock is $26.00.

    Insiders at the company have transacted a total of 2 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 1 of these insider trades were purchases, accounting for 142,857 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 22,125 shares.

    Bridge Builder Small/Mid Cap Valu owns 0.27 million shares of the company’s stock, all valued at over $0.0.

    Shares of Rackspace Technology Inc. (NASDAQ: RXT) opened at $20.95, up $1.62 from a prior closing price of $19.33. However, the script later closed the day at $21.35, up 10.45%. It has a 12-month low price of $15.25 and touched a high of $20.10 over the same period. Currently, 11.73 million shares have been traded, compared to an average intraday trading volume of 5.36 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 22.51%, 22.51%, and 22.51% respectively.

    Institutional ownership of Rackspace Technology Inc. (NASDAQ: RXT) 192.47M shares outstanding. Mutual fund holders own –, while other institutional holders and individual stakeholders account for 0.00% and — respectively.

    It has a market capitalization of $4.11B. The earnings-per-share (ttm) stands at -$0.47. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.51% over the week.

    Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 0 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”

    Looking at the support for the RXT, a number of firms have released research notes about the stock. RBC Capital Mkts stated their Outperform rating for the stock in a research note on August 31, 2020, with the firm’s price target at $29. JP Morgan coverage for the Rackspace Technology Inc. (RXT) stock in a research note released on August 31, 2020 offered a Overweight rating with a price target of $28. Goldman was of a view on August 31, 2020 that the stock is Buy, while Evercore ISI gave the stock Outperform rating on August 31, 2020, issuing a price target of $24. Deutsche Bank on their part issued Buy rating on August 31, 2020.


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