Rackspace Technology Inc (NASDAQ: RXT) stock jumped 0.68% on Friday to $1.48 against a previous-day closing price of $1.47. With 0.51 million shares changed hands, the volume of the stock remained lighter than its average volume of 1.69 million shares. During the session, the Software – Infrastructure company that operates in wider Technology sector, reached to the highest price of $1.5000 whereas the lowest price it dropped to was $1.4220. The 52-week range on RXT shows that it touched its highest point at $5.29 and its lowest point at $1.05 during that stretch. It currently has a 1-year price target of $2.13. Beta for the stock currently stands at 1.86.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RXT was up-trending over the past week, with a rise of 17.46%, but this was up by 6.47% over a month. Three-month performance dropped to -33.33% while six-month performance rose 30.97%. The stock lost -70.92% in the past year, while it has lost -49.83% so far this year. A look at the trailing 12-month EPS for RXT yields -5.06 with Next year EPS estimates of -0.07. For the next quarter, that number is -0.04. This implies an EPS growth rate of -129.34% for this year and 58.92% for next year.
Float and Shares Shorts:
At present, 212.60 million RXT shares are outstanding with a float of 45.78 million shares on hand for trading. On Oct 30, 2023, short shares totaled 6.12 million, which was 2.83% higher than short shares on Sep 28, 2023. In addition to Mr. Amar Maletira as the firm’s President, CEO & Director, Mr. Srinivas Koushik serves as its Executive VP and President of Technology & Sustainability.
Through their ownership of 95.38% of RXT’s outstanding shares, institutional investors have majority control over the company. With a 2.85% stake in RXT, the Legal & General UCITS ETF PLC – C is the largest stakeholder. A total of 6,154,805 shares are owned by the mutual fund manager. The Mackenzie US Small-Mid Cap Growth, which owns about 2.33% of RXT stock, is the second-largest Mutual Fund holder. It holds 5,030,563 shares valued at 6.14 million. Mackenzie US Mid Cap Growth Class holds 1.78% of the stake in RXT, owning 3,835,217 shares worth 4.68 million.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RXT since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RXT analysts setting a high price target of $3.50 and a low target of $1.00, the average target price over the next 12 months is $2.13. Based on these targets, RXT could surge 136.49% to reach the target high and fall by -32.43% to reach the target low. Reaching the average price target will result in a growth of 43.92% from current levels.
Summary of Insider Activity:
Insiders traded RXT stock several times over the past three months with 1 Buys and 1 Sells. In these transactions, 14,003 shares were bought while 239,347 shares were sold. The number of buy transactions has increased to 31 while that of sell transactions has risen to 19 over the past year. The total number of shares bought during that period was 10,691,654 while 798,456 shares were sold.