Investor pessimism about RXT was exacerbated this afternoon by Barrons's report: "It's been almost two full weeks since Rackspace Technology was hit with a ransomware attack -causing email disruptions for thousands of the internet infrastructure company's customers - and the situation remains unresolved." For more coverage, read the full article here. On the back of this news, Rackspace Technology sank -3.7% to a price of $3.08. 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 -3.2 and a P/B ratio of 0.5.
At today's price of $3.08 per share, Rackspace Technology is -54.57% away from its target price of $6.78, and on average, analysts give the stock a rating of hold. 27.2% of the company's shares are linked to short positions, and 105.7% of the shares are owned by institutional investors.