24/7 Market News Snapshot 02 September, 2025 – Rackspace Technology, Inc. Common Stock (NASDAQ:RXT)
DENVER, Colo., 02 September, 2025 (www.247marketnews.com) – (NASDAQ:RXT) are discussed in this article.
Rackspace Technology, Inc. (RXT) has seen a notable surge in its stock price, demonstrating a robust bullish trend following the appointment of Gajen Kandiah as Chief Executive Officer, effective September 3, 2025. Opening at $1.22, the stock climbed 11.51% to reach $1.405, accompanied by a trading volume of 1.78 million shares. This significant uptick indicates strong market interest and investor confidence, suggesting the company is poised for growth under Kandiah’s leadership.
Kandiah succeeds Amar Maletira, who will now serve as Vice Chairman of the Board, ensuring continuity during the transition. With extensive experience in services, infrastructure, software, and artificial intelligence, Kandiah previously held the position of President and COO at Hitachi Digital, where he successfully integrated AI solutions across various platforms. His leadership has previously driven success in digital infrastructure and enterprise solutions, positioning Rackspace to enhance its AI-first multicloud strategy.
One of Kandiah’s immediate goals is to bolster Rackspace’s commitment to delivering measurable outcomes across diverse cloud environments, especially in highly-regulated sectors. He aims to drive innovation in cloud management and AI, enhance partnerships with leading cloud providers, and improve operational execution across sales and service delivery.
The recent stock performance, which highlights a potential support level at $1.22, aligns with Kandiah’s strategic vision to empower customers in navigating the complexities of AI-driven markets. Stakeholders are advised to monitor key technical indicators, such as RSI and MACD, to guide investment strategies effectively, as the company seeks to solidify its position within the multicloud landscape while navigating the opportunities and challenges ahead.