On March 16, 2023 at 10:15:13 ET an unusually large $145.44K block of Put contracts in Rackspace Technology (RXT) was sold, with a strike price of $2.50 / share, expiring in 1 days (on March 17, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.70 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in RXT options.
This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.
Analyst Price Forecast Suggests 81.12% Upside
As of March 15, 2023, the average one-year price target for Rackspace Technology is $3.88. The forecasts range from a low of $2.02 to a high of $6.40. The average price target represents an increase of 81.12% from its latest reported closing price of $2.14.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Rackspace Technology is $3,090MM, a decrease of 1.03%. The projected annual non-GAAP EPS is $0.09.
What is the Fund Sentiment?
There are 295 funds or institutions reporting positions in Rackspace Technology. This is a decrease of 3 owner(s) or 1.01% in the last quarter. Average portfolio weight of all funds dedicated to RXT is 0.05%, a decrease of 25.80%. Total shares owned by institutions decreased in the last three months by 6.68% to 186,081K shares. The put/call ratio of RXT is 1.38, indicating a bearish outlook.
What are Large Shareholders Doing?
Apollo Management Holdings holds 129,609K shares representing 60.96% ownership of the company. No change in the last quarter.
First Trust Advisors holds 8,359K shares representing 3.93% ownership of the company. In it’s prior filing, the firm reported owning 29,795K shares, representing a decrease of 256.42%. The firm decreased its portfolio allocation in RXT by 99.98% over the last quarter.
Mackenzie Financial holds 6,997K shares representing 3.29% ownership of the company. In it’s prior filing, the firm reported owning 7,118K shares, representing a decrease of 1.74%. The firm decreased its portfolio allocation in RXT by 35.98% over the last quarter.
SKYY – First Trust Cloud Computing ETF holds 6,987K shares representing 3.29% ownership of the company. In it’s prior filing, the firm reported owning 26,993K shares, representing a decrease of 286.34%. The firm decreased its portfolio allocation in RXT by 78.66% over the last quarter.
Legal & General Group holds 4,726K shares representing 2.22% ownership of the company. In it’s prior filing, the firm reported owning 2,893K shares, representing an increase of 38.78%. The firm increased its portfolio allocation in RXT by 15.17% over the last quarter.
Rackspace Technology Background Information
(This description is provided by the company.)
Rackspace Technology is a leading end-to-end multicloud technology services company. The company can design, build and operate its customers’ cloud environments across all major technology platforms, irrespective of technology stack or deployment model. Rackspace partners with its customers at every stage of their cloud journey, enabling them to modernize applications, build new products and adopt innovative technologies.
This article originally appeared on Fintel
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