Rackspace Technology, Inc. (NASDAQ:RXT – Get Free Report)’s stock price gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $2.24, but opened at $2.36. Rackspace Technology shares last traded at $2.43, with a volume of 333,436 shares trading hands.
The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.03. The company had revenue of $684.90 million for the quarter, compared to analyst estimates of $669.10 million.
Insider Buying and Selling at Rackspace Technology
In other Rackspace Technology news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Kellie Teal-Guess sold 61,393 shares of Rackspace Technology stock in a transaction that occurred on Thursday, May 16th. The shares were sold at an average price of $2.13, for a total value of $130,767.09. Following the transaction, the insider now owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of Rackspace Technology stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the completion of the transaction, the executive vice president now directly owns 2,466,593 shares in the company, valued at approximately $5,821,159.48. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Rackspace Technology
Rackspace Technology Price Performance
The firm’s fifty day simple moving average is $2.47 and its 200 day simple moving average is $2.04. The company has a market capitalization of $528.29 million, a price-to-earnings ratio of -0.61 and a beta of 1.98.
About Rackspace Technology
Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.
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