In the last trading session, 1.88 million shares of the Rackspace Technology Inc (NASDAQ:RXT) were traded, and its beta was 1.94. Most recently the company’s share price was $1.64, and it changed around $0.1 or 6.49% from the last close, which brings the market valuation of the company to $354.91M. RXT currently trades at a discount to its 52-week high of $3.10, offering almost -89.02% off that amount. The share price’s 52-week low was $1.05, which indicates that the current value has risen by an impressive 35.98% since then. We note from Rackspace Technology Inc’s average daily trading volume that its 10-day average is 1.11 million shares, with the 3-month average coming to 1.44 million.
Rackspace Technology Inc (NASDAQ:RXT) trade information
Instantly RXT has showed a green trend with a performance of 6.49% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently down -18.00% year-to-date, but still up 8.61% over the last five days. On the other hand, Rackspace Technology Inc (NASDAQ:RXT) is -24.42% down in the 30-day period. We can see from the shorts that 6.54 million shares have been sold at a short interest cover period of 3.11 day(s).
The consensus price target as assigned by Wall Street analysts is $3.5, which translates to bulls needing to increase their stock price by 53.14% from its current value. Analyst projections state that RXT is forecast to be at a low of $2.5 and a high of $5.
Rackspace Technology Inc (RXT) estimates and forecasts
Rackspace Technology Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -30.21 percent over the past six months and at a -153.33% annual growth rate that is well below the industry average of 17.70%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -550.00% in revenue this quarter, and will report a decrease of -83.30% in the next quarter. The year-over-year growth rate is expected to be -6.90%, down from the previous year.
Consensus estimates provided by 5 financial analysts predict the company will bring in an average of $684.25 million in revenue for the current quarter. 5 analysts expect Rackspace Technology Inc to make $675.76 million in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $758.7 million and $746.3 million respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -9.80%. Forecasts for the next quarter put sales growth at -9.50%.
Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -11.03%.
RXT Dividends
Rackspace Technology Inc’s next quarterly earnings report is expected to be released on March 12.
Rackspace Technology Inc (NASDAQ:RXT)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 4.03% of Rackspace Technology Inc shares, and 90.52% of them are in the hands of institutional investors. The stock currently has a share float of 94.32%. Rackspace Technology Inc stock is held by 132 institutions, with Apollo Management Holdings, L.P. being the largest institutional investor. By Jun 29, 2023, it held 60.03% of the shares, which is about 129.61 million shares worth $352.54 million.
Legal & General Group PLC, with 4.80% or 10.36 million shares worth $28.18 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.
iShares Russell 2000 ETF and Vanguard Total Stock Market Index Fund were the top two Mutual Funds as of Aug 30, 2023. The former held 1.95 million shares worth $4.88 million, making up 0.90% of all outstanding shares. On the other hand, Vanguard Total Stock Market Index Fund held roughly 1.91 million shares worth around $5.2 million, which represents about 0.89% of the total shares outstanding.
