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UBS analysts initates a Neutral rating for Rackspace Technology Inc (RXT)

Rackspace Technology Inc’s filing revealed that its Chief Executive Officer Maletira Amar unloaded Company’s shares for reported $71930.0 on Feb 20 ’24. In the deal valued at $1.92 per share,37,446 shares were sold. As a result of this transaction, Maletira Amar now holds 4,638,423 shares worth roughly $7.98 million.

Then, Lillie Brian sold 139,701 shares, generating $226,316 in total proceeds. Upon selling the shares at $1.62, the EVP, President Private Cloud now owns 1,608,258 shares.

Before that, Marino Mark A. sold 12,316 shares. Rackspace Technology Inc shares valued at $19,952 were divested by the Chief Financial Officer at a price of $1.62 per share. As a result of the transaction, Marino Mark A. now holds 248,101 shares, worth roughly $0.43 million.

UBS initiated its Rackspace Technology Inc [RXT] rating to a Neutral in a research note published on November 07, 2023; the price target was $1.40. A number of analysts have revised their coverage, including Raymond James’s analysts, who increased its forecast for the stock in mid September from “a Mkt perform” to “an Outperform”. Citigroup also remained covering RXT and has decreased its forecast on July 25, 2023 with a “Sell” recommendation from previously “Neutral” rating. Evercore ISI revised its rating on October 11, 2022. It rated RXT as “an In-line” which previously was an “an Outperform”.

Price Performance Review of RXT

On Tuesday, Rackspace Technology Inc [NASDAQ:RXT] saw its stock fall -1.71% to $1.72. Over the last five days, the stock has gained 2.38%. Rackspace Technology Inc shares have fallen nearly -14.00% since the year began. Nevertheless, the stocks have risen 17.81% over the past one year. While a 52-week high of $3.10 was reached on 03/12/24, a 52-week low of $1.05 was recorded on 04/02/24. SMA at 50 days reached $1.7675, while 200 days put it at $1.8084. A total of 0.39 million shares were traded, compared to the trading of 0.27 million shares in the previous session.

Levels Of Support And Resistance For RXT Stock

The 24-hour chart illustrates a support level at 1.6901, which if violated will result in even more drops to 1.6601. On the upside, there is a resistance level at 1.7600. A further resistance level may holdings at 1.7999. The Relative Strength Index (RSI) on the 14-day chart is 52.45, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 0.0907, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bullish at 28.81%. Stochastics %K at 80.48% indicates the stock is a selling.

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