During the last session, Rackspace Technology Inc (NASDAQ:RXT)’s traded shares were 0.8 million, with the beta value of the company hitting 1.96. At the end of the trading day, the stock’s price was $2.58, reflecting an intraday gain of 8.40% or $0.2. The 52-week high for the RXT share is $3.41, that puts it down -32.17 from that peak though still a striking 52.71% gain since the share price plummeted to a 52-week low of $1.22. The company’s market capitalization is $587.12M, and the average intraday trading volume over the past 10 days was 1.44 million shares, and the average trade volume was 700.28K shares over the past three months.
Rackspace Technology Inc (RXT) received a consensus recommendation of Buy from analysts. That translates to a mean rating of 3.17. RXT has a Sell rating from 3 analyst(s) out of 8 analysts who have looked at this stock. 1 analyst(s) recommend to Hold the stock while 0 suggest Overweight, and 4 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 -0.04.
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Rackspace Technology Inc (NASDAQ:RXT) trade information
Rackspace Technology Inc (RXT) registered a 8.40% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 8.40% in intraday trading to $2.58, hitting a weekly high. The stock’s 5-day price performance is 6.61%, and it has moved by 2.38% in 30 days. Based on these gigs, the overall price performance for the year is 89.71%. The short interest in Rackspace Technology Inc (NASDAQ:RXT) is 5.31 million shares and it means that shorts have 11.07 day(s) to cover.
The consensus price target of analysts on Wall Street is $3.25, which implies an increase of 20.62% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $1.8 and $5 respectively. As a result, RXT is trading at a discount of -93.8% off the target high and 30.23% off the low.
Rackspace Technology Inc (RXT) estimates and forecasts
Statistics show that Rackspace Technology Inc has underperformed its competitors in share price, compared to the industry in which it operates. Rackspace Technology Inc (RXT) shares have gone up 33.68% during the last six months, with a year-to-date growth rate less than the industry average at -80.00% against 18.60. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to shrink -27.73% this quarter and then jump 31.24% in the quarter after that. In the rating firms’ projections, revenue will decrease -7.80% compared to the previous financial year.
As companies strive to predict their financial trajectories, we turn our attention to the forthcoming financial quarter. Here are the insights gathered from industry analysts. Revenue for the current quarter is expected to be 674.98M as predicted by 4 analyst(s). Meanwhile, a consensus of 4 analyst(s) estimates revenue growth to 664.13M by the end of current fiscal year. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled 719.7M and 690.8M respectively. In this case, analysts expect current quarter sales to shrink by -6.21% and then drop by -3.86% 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 -11.03%. While earnings are projected to return -83.47% in 2024.
RXT Dividends
Rackspace Technology Inc is due to release its next quarterly earnings in December. 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 2.86% of total outstanding shares while institutional holders control 84.56%, with the float percentage being 87.06%. APOLLO MANAGEMENT HOLDINGS, L.P. is the largest shareholder of the company, while 136.0 institutions own stock in it. As of 2024-06-30, the company held over 129.61 million shares (or 58.9668% of all shares), a total value of $386.23 million in shares.
The next largest institutional holding, with 7.85 million shares, is of LEGAL & GENERAL GROUP PLC’s that is approximately 3.5713% of outstanding shares. At the market price on 2024-06-30, these shares were valued at $23.39 million.
Also, the Mutual Funds coming in first place with the largest holdings of Rackspace Technology Inc (RXT) shares are iShares Russell 2000 ETF and Vanguard Total Stock Market Index Fund . Data provided on Sep 30, 2024 indicates that iShares Russell 2000 ETF owns about 1.79 shares. This amounts to just over 0.79 percent of the company’s overall shares, with a $4.62 million market value. The same data shows that the other fund manager holds slightly less at 1.69, or about 0.74% of the stock, which is worth about $4.37 million.
