In the last trading session, 1,928,234 shares of the Rackspace Technology, Inc. (NASDAQ:RXT) were traded, and its beta was 0. Most recently the company’s share price was $25.48, and it changed around -$0.56 or -0.02% from the last close, which brings the market valuation of the company to $5.25 Billion. RXT currently trades at a discount to its 52-week high of $25.88, offering almost -1.57% off that amount. The share price’s 52-week low was $15.25, which indicates that the current value has risen by an impressive 40.15% since then. We note from Rackspace Technology, Inc.’s average daily trading volume that its 10-day average is 1.75 Million shares, with the 3-month average coming to 2.45 Million.
Rackspace Technology, Inc. stock received a consensus recommendation rating of Buy, based on a mean score of 1.7. If we narrow it down even further, the data shows that none out of 10 analysts rate the stock as a Sell; another but none rate it as Overweight. Among the rest, no body recommended RXT as a Hold, whereas 10 deemed it a Buy, and no one rated it as Underweight. Rackspace Technology, Inc. is expected to report earnings per share of $0.21 for the current quarter.
Rackspace Technology, Inc. (NASDAQ:RXT): Trading Information
Although RXT has showed a red trend with a performance of -2.15% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of $26.31 on Monday, Apr 05 increased the stock’s daily price by 3.15%. The company’s shares are currently up 0.34% year-to-date, but still up 0.0936 over the last five days. On the other hand, Rackspace Technology, Inc. (NASDAQ:RXT) is 0.27% up in the 30-day period. We can see from the shorts that 6.26 Million shares have been sold at a short interest cover period of 2.56 day (s).
The consensus price target as assigned by Wall Street analysts is $27, which translates to bears needing to increase their stock price by 5.97% from its current value. Analyst projections state that RXT is forecast to be at a low of $25 and a high of $29. In order for the stock price to hit the forecast high, the stock would need to surge +13.81% from its current level, while the stock would need to crash -1.88% from its current level to reach the projected low.
Rackspace Technology, Inc. (RXT) projections and forecasts
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -33.4%. Rackspace Technology, Inc. earnings are expected to decrease by -166.3% in 2021, but the outlook is positive 24.56% per year for the next five years.
Rackspace Technology, Inc. (NASDAQ:RXT)’s Biggest Investors
Upon looking at major shareholders, it appears that insiders hold 1.44% of Rackspace Technology, Inc. shares, and 97.24% of them are in the hands of institutional investors. The stock currently has a share float of 98.67%. Rackspace Technology, Inc. stock is held by 181 institutions, with Apollo Management Holdings, L.P. being the largest institutional investor. By Dec 30, 2020, it held 63.06% of the shares, which is about 129.61 Million shares worth $2.47 Billion.
Searchlight Capital Partners, L.P., with 5.84% or 12Million shares worth $228.72 Million as of Dec 30, 2020, holds the second largest percentage of outstanding shares.
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John Hancock Fds III-Disciplined Value Mid Cap Fd and Fidelity Value Fund were the top two Mutual Funds as of Jan 30, 2021. The former held 1949714 shares worth $45.06 Million, making up 0.95% of all outstanding shares. On the other hand, Fidelity Value Fund held roughly 1.34 Million shares worth around $28.18 Million, which represents about 0.65% of the total shares outstanding.