Investing Now Could Prove Beneficial For Rackspace Technology Inc. (NASDAQ: RXT) – Marketing Sentinel
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Investing Now Could Prove Beneficial For Rackspace Technology Inc. (NASDAQ: RXT)

During the last session, Rackspace Technology Inc. (NASDAQ:RXT)’s traded shares were 0.76 million. At the end of the trading day, the stock’s price was $15.57, reflecting an intraday gain of 2.30% or $0.35. The 52-week high for the RXT share is $26.43, that puts it down -69.75 from that peak though still a striking 16.06% gain since the share price plummeted to a 52-week low of $13.07. The company’s market capitalization is $3.49B, and the average intraday trading volume over the past 10 days was 1.75 million shares, and the average trade volume was 1.39 million shares over the past three months.

Rackspace Technology Inc. (RXT) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.00. RXT has a Sell rating from 0 analyst(s) out of 11 analysts who have looked at this stock. 3 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 8 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.24.

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Rackspace Technology Inc. (NASDAQ:RXT) trade information

Rackspace Technology Inc. (RXT) registered a 2.30% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 2.30% in intraday trading to $15.57 this Wednesday, 11/24/21, hitting a weekly high. The stock’s 5-day price performance is -3.83%, and it has moved by 9.88% in 30 days. Based on these gigs, the overall price performance for the year is -6.49%. The short interest in Rackspace Technology Inc. (NASDAQ:RXT) is 10.06 million shares and it means that shorts have 10.6 day(s) to cover.

The consensus price target of analysts on Wall Street is $21.67, which implies an increase of 28.15% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $17.00 and $28.00 respectively. As a result, RXT is trading at a discount of -79.83% off the target high and -9.18% off the low.

Rackspace Technology Inc. (RXT) estimates and forecasts

Statistics show that Rackspace Technology Inc. has outperformed its competitors in share price, compared to the industry in which it operates. Rackspace Technology Inc. (RXT) shares have gone down -25.89% during the last six months, with a year-to-date growth rate more than the industry average at 16.87% against 9.00. Yet analysts are ramping up their growth forecast for the fiscal year 2021. Revenue is predicted to grow 26.30% this quarter and then drop -7.70% in the quarter after that. In the rating firms’ projections, revenue will increase 10.70% compared to the previous financial year.

Revenue for the current quarter is expected to be $756 million as predicted by 10 analyst(s). Meanwhile, a consensus of 9 analyst(s) estimates revenue growth to $771.44 million by the end of Dec 2021. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $681.7 million and $716.2 million respectively. In this case, analysts expect current quarter sales to grow by 10.90% and then jump by 7.70% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -33.40%. While earnings are projected to return -166.30% in 2021, the next five years will return 17.04% per annum.

RXT Dividends

Rackspace Technology Inc. is due to release its next quarterly earnings on May 10. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

Rackspace Technology Inc. (NASDAQ:RXT)’s Major holders

Rackspace Technology Inc. insiders own 2.27% of total outstanding shares while institutional holders control 99.35%, with the float percentage being 101.66%. Apollo Management Holdings, L.P. is the largest shareholder of the company, while 206 institutions own stock in it. As of Jun 29, 2021, the company held over 129.61 million shares (or 61.97% of all shares), a total value of $2.54 billion in shares.

The next largest institutional holding, with 11.71 million shares, is of First Trust Advisors Lp’s that is approximately 5.60% of outstanding shares. At the market price on Jun 29, 2021, these shares were valued at $229.66 million.

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Also, the Mutual Funds coming in first place with the largest holdings of Rackspace Technology Inc. (RXT) shares are First Tr Exchange Traded Fd II-First Tr Cloud Computing ETF and Fidelity Value Fund. Data provided on Sep 29, 2021 indicates that First Tr Exchange Traded Fd II-First Tr Cloud Computing ETF owns about 16.14 million shares. This amounts to just over 7.72 percent of the company’s overall shares, with a $229.48 million market value. The same data shows that the other fund manager holds slightly less at 2.02 million, or about 0.97% of the stock, which is worth about $28.72 million.

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