Rackspace Technology Inc. (NASDAQ:RXT)’s traded shares stood at 1.18 million during the last session. At the close of trading, the stock’s price was $2.14, to imply an increase of 0.94% or $0.02 in intraday trading. The RXT share’s 52-week high remains $12.13, putting it -466.82% down since that peak but still an impressive 5.61% since price per share fell to its 52-week low of $2.02. The company has a valuation of $505.06M, with an average of 1.31 million shares in intraday trading volume over the past 10 days and average of 1.80 million shares over the past 3 months.
Analysts have given a consensus recommendation of a Hold for Rackspace Technology Inc. (RXT), translating to a mean rating of 3.10. Of 10 analyst(s) looking at the stock, 2 analyst(s) give RXT a Sell rating. 0 of those analysts rate the stock as Overweight while 7 advise Hold as 1 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $0.05.
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Rackspace Technology Inc. (NASDAQ:RXT) trade information
After registering a 0.94% upside in the last session, Rackspace Technology Inc. (RXT) has traded red over the past five days. The stock hit a weekly high of 2.57 this Wednesday, 03/15/23, jumping 0.94% in its intraday price action. The 5-day price performance for the stock is -11.57%, and -30.52% over 30 days. With these gigs, the year-to-date price performance is -27.46%. Short interest in Rackspace Technology Inc. (NASDAQ:RXT) saw shorts transact 8.79 million shares and set a 2.84 days time to cover.
Analysts on Wall Street suggest a consensus price target of $3.80, implying an increase of 43.68% to the stock’s current value. The extremes give us $2.00 and $6.10 for target low and target high price respectively. As such, RXT has been trading -185.05% off suggested target high and 6.54% from its likely low.
Rackspace Technology Inc. (RXT) estimates and forecasts
Looking at statistics comparing Rackspace Technology Inc. share performance against respective industry, we note that the company has underperformed competitors. Rackspace Technology Inc. (RXT) shares are -63.10% down over the last 6 months, with its year-to-date growth rate lower than industry average at -107.41% against 18.30%. Revenue is forecast to shrink -80.00% this quarter before falling -100.00% for the next one. The rating firms project that company’s revenue will grow 3.40% compared to the previous financial year.
Revenue forecast for the current quarter as set by 9 analysts is $776.3 million. Meanwhile, for the quarter ending Mar 2023, a total of 7 analyst(s) estimate revenue growth to $762.14 million.Earnings reports from the last fiscal year show that sales brought in $777.3 million and $775.5 million respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to fall -0.10% before dropping -1.70% in the following quarter.
An assessment of the company’s 5-year growth patterns shows that annual earnings shrunk an estimated -43.20% for the past 5-year period. While 2023 is set for a 23.30% return in earnings, projections for the next 5 years are at 10.00% annually.
Rackspace Technology Inc. has its next earnings report out between May 08 and May 12. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Rackspace Technology Inc. has a forward dividend ratio of 0, with the share yield ticking at 0.00% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.
Rackspace Technology Inc. (NASDAQ:RXT)’s Major holders
Rackspace Technology Inc. insiders hold 2.96% of total outstanding shares, with institutional holders owning 93.32% of the shares at 96.16% float percentage. In total, 93.32% institutions holds shares in the company, led by Apollo Management Holdings, L.P. As of Sep 29, 2022, the company held over 129.61 million shares (or 61.39% of shares), all amounting to roughly $528.8 million.
The next major institution holding the largest number of shares is First Trust Advisors LP with 29.8 million shares, or about 14.11% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $121.56 million.
We also have First Tr Exchange Traded Fd II-First Tr Cloud Computing ETF and Vanguard Total Stock Market Index Fund as the top two Mutual Funds with the largest holdings of the Rackspace Technology Inc. (RXT) shares. Going by data provided on Dec 30, 2022, First Tr Exchange Traded Fd II-First Tr Cloud Computing ETF holds roughly 6.99 million shares. This is just over 3.31% of the total shares, with a market valuation of $20.61 million. Data from the same date shows that the other fund manager holds a little less at 1.91 million, or 0.91% of the shares, all valued at about 7.8 million.