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RXT - Rackspace Technology shares sink on lockup expiration
Rackspace Technology Inc.
Rackspace Technology (RXT) hit its post-IPO lockup expiration today, which released 165.4M shares.Before the expiration, Rackspace had 204.1M shares outstanding.RXT shares are down 5.9% to $21.74.Last week, Oppenheimer initiated Rackspace at Outperform, citing the enterprise cloud adoption momentum.