In the last trading session, 1.27 million Rackspace Technology Inc (NASDAQ:RXT) shares changed hands as the company’s beta touched 1.95. With the company’s per share price at $1.51 changed hands at -$0.03 or -1.95% during last session, the market valuation stood at $326.78M. RXT’s last price was a discount, traded about -105.3% off its 52-week high of $3.10. The share price had its 52-week low at $1.05, which suggests the last value was 30.46% up since then. When we look at Rackspace Technology Inc’s average trading volume, we note the 10-day average is 2.77 million shares, with the 3-month average coming to 1.46 million.
Rackspace Technology Inc (NASDAQ:RXT) trade information
Instantly RXT was in red as seen at the end of in last trading. With action -3.21%, the performance over the past five days has been red. The drop to weekly highs of 1.7400 subtracted -1.95% to the stock’s daily price. The company’s shares are showing year-to-date downside of -24.50%, with the 5-day performance at -3.21% in the red. However, in the 30-day time frame, Rackspace Technology Inc (NASDAQ:RXT) is -22.96% down. Looking at the short shares, we see there were 5.45 million shares sold at short interest cover period of 5.03 days.
Rackspace Technology Inc (RXT) estimates and forecasts
Data shows that the Rackspace Technology Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -31.36% over the past 6 months, a -153.33% in annual growth rate that is considerably lower than the industry average of 18.80%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Rackspace Technology Inc will fall -550.00%, while the growth in revenue is estimated to hit -83.30% for the next quarter. Year-over-year growth is forecast to reach -6.90% down from the last financial year.
Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $684.25 million. 5 analysts are of the opinion that Rackspace Technology Inc’s revenue for the quarter ending Jun 2024 will be $675.76 million. The company’s revenue for the corresponding quarters a year ago was $758.7 million and $746.3 million respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -9.80%. The estimates for the next quarter sales put growth at -9.50%.
Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of -11.03%. The 2024 estimates are for Rackspace Technology Inc earnings to decrease by -152.30%.
RXT Dividends
Rackspace Technology Inc is expected to release its next quarterly earnings report between May 07 and May 13.
Rackspace Technology Inc (NASDAQ:RXT)’s Major holders
If we look at who the major shareholders are, we find that insiders hold 4.03% of Rackspace Technology Inc shares while 90.52% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 94.32%. There are 90.52% institutions holding the Rackspace Technology Inc stock share, with Apollo Management Holdings, L.P. the top institutional holder. As of Dec 30, 2023, the company held 58.98% of the shares, roughly 129.61 million RXT shares worth $195.71 million.
Mackenzie Financial Corporation holds the second largest percentage of outstanding shares, with 3.14% or 6.9 million shares worth $10.42 million as of Dec 30, 2023.
Among Mutual Funds, the top two as of Dec 30, 2023 were Vanguard Total Stock Market Index Fund and iShares Russell 2000 ETF. With 1.69 million shares estimated at $2.55 million under it, the former controlled 0.77% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 0.73% of the shares, roughly 1.61 million shares worth around $2.43 million.
