RXT investors were likely spooked this afternoon by Barrons's report: "Rackspace Technology has disclosed the service outage that has been affecting thousands of the company's email customers since late last week was caused by a ransomware attack." For more coverage, read the full article here. On the back of this news, Rackspace Technology sank -2.7% to a price of $3.99. Are the markets overreacting?
Rackspace Technology, Inc. operates as a multi cloud technology services company worldwide. The company belongs to the Technology sector, which has an average price to earnings (P/E) ratio of 26.5 and an average price to book (P/B) ratio of 5.57. In contrast, Rackspace Technology has a trailing 12 month P/E ratio of -4.3 and a P/B ratio of 1.0.
Rackspace Technology has moved -70.1% over the last year compared to -14.7% for the S&P 500 — a difference of -55.4%. Rackspace Technology has a 52 week high of $14.38 and a 52 week low of $3.7. At today's price of $3.99 per share, Rackspace Technology is -28.36% away from its target price of $5.57, and on average, analysts give the stock a rating of hold. 24.2% of the company's shares are linked to short positions, and 104.3% of the shares are owned by institutional investors.
