Rackspace Technology Inc. (NASDAQ:RXT) does about 1.61M shares in volume on a normal day but saw 2335556 shares change hands in Tuesday trading. The company now has a market cap of 1.08B USD . Its current market price is $4.80, marking an increase of 17.36% compared to the previous close of $4.09. The 52 week high reached by this stock is $18.50 whilst the lowest price level in 52 weeks is $4.02. The script in recent trading has seen the stock touch a high of $4.96 and a low of $4.20.
Rackspace Technology Inc. (RXT) has a 20-day trading average at $5.01 and the current price is -74.05% off the 52-week high compared with 19.40% distance from its 52-week low. The 50-day simple moving average of the closing price is $5.46 and its 200-day simple moving average is $9.05. If we look at the stock’s price movements over the week, volatility stands at 8.89%, which decreases to 8.08% over 1 month. It is also key to look at other market indicators of price movement for the stock, where we see that the relative strength index (RSI) is at 47.23 to suggest the stock is neutral.
The consensus objective for the share price is $7.22, suggesting that the stock has a potential upside of 33.52% over the period.
FactSet Research has provided data showing that 11 brokerages have issued ratings for the stock. 2 analysts have rated it as a sell, while 0 advise that it is a overweight. 2 analysts have rated it as a buy and 7 have advised that investors hold their positions. The consensus recommendation rating is Hold and Wall Street’s advice is for investors to Hold the stock.
The company shares received a number of brokerage firm price updates over the past month, with the latest being on August 16, 2022 when JP Morgan downgraded the stock to “Underweight” and issued a price target of between $7 and $5. RBC Capital Mkts also downgraded the stock to “Sector Perform” from Outperform on August 11, 2022 at a price target of $9-$7.
The current price level is -4.12%, -12.64%, and -47.19% away from its SMA20, SMA50, and SMA200 respectively, with the RXT price moving above the 50-day SMA on October 04. Rackspace Technology Inc. (RXT) stock is up 12.68% over the week and -0.41% over the past month. Its price is -64.37% year-to-date and -66.39% over the past year.
The stock last released its quarterly earnings report for quarter ended 3/30/2022, with the company’s earnings per share (EPS) of $0.22 above consensus estimates by $0.01. RXT’s earnings per share are forecast to shrink by -21.60% this year and 30.30% over next year. Expected sales for next quarter are $811.76 million, which analysts say will come at $3.21 billion for the current fiscal year and next year at $3.48 billion. In addition, estimates put the company’s current quarterly revenue at an average of $785.07 million.
Its 12-month price target is $7.00. To reach the target analysts have set, the stock logically needs to grow 33.52 percent from here. Of course, the average price target is just what the average analysts believe a stock will be worth in the next 52 weeks, and is only one metric. There are analysts with lower targets than the average, including one bearish Wall Street research firm advocating investors to wait for the price to pull back to $4.00, given the recent momentum. And then, on the bullish side of things, one analyst is expecting the stock to peak at $9.00.
Outstanding shares total 209.50M with insiders holding 1.61% of the shares and institutional holders owning 100.38% of the company’s common stock. The company has a return on investment of -0.20% and return on equity of -14.70%. The forward price to earnings ratio is 14.29. Price to book ratio is 0.77 and price to sales ratio is 0.35.
According to a U.S. Securities and Exchange Commission filing, First Trust Cloud Computing ETF has added its position in Rackspace Technology Inc. (RXT) to 12,656,100 shares, mirroring a recent increase by 0.30%. First Trust Cloud Computing ETF added 38352.0 shares of Rackspace Technology Inc. common stock bringing its total worth to about $56.45 million at the end of recent close, SEC documents show. First Trust Cloud Computing ETF isn’t the only investment manager who changed stakes and is followed by Mackenzie US Mid Cap Growth Class, which added 0.83 million shares to end up with 3,835,217 shares worth $17.11 million. L&G ISE Cyber Security UCITS ETF cut their holdings by -0.15% in the company over the course of the most recent quarter. It now holds a 1.36% position in Rackspace Technology Inc. thanks to 2.87 million shares amounting to $12.81 million.