Rackspace Technology (NASDAQ:RXT) Releases Q3 2024 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its third quarter 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of -0.080–0.060 for the period, compared to the consensus estimate of -0.070. The company issued revenue guidance of $668.0 million-$680.0 million, compared to the consensus revenue estimate of $672.0 million.

Rackspace Technology Stock Performance

Shares of RXT stock opened at $2.25 on Friday. The stock’s fifty day moving average price is $2.48 and its two-hundred day moving average price is $2.04. The company has a market cap of $503.66 million, a PE ratio of -0.57 and a beta of 1.98. Rackspace Technology has a fifty-two week low of $1.15 and a fifty-two week high of $3.18.

Rackspace Technology (NASDAQ:RXT) last issued its earnings results on Thursday, August 8th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.03. The business had revenue of $684.90 million during the quarter, compared to analyst estimates of $669.10 million. On average, equities analysts predict that Rackspace Technology will post -0.38 EPS for the current fiscal year.

Insider Activity at Rackspace Technology

In related news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total transaction of $352,227.64. Following the sale, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, insider Kellie Teal-Guess sold 61,393 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $2.13, for a total transaction of $130,767.09. Following the completion of the transaction, the insider now directly owns 909,775 shares of the company’s stock, valued at approximately $1,937,820.75. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $2.36, for a total value of $352,227.64. Following the transaction, the executive vice president now directly owns 2,466,593 shares of the company’s stock, valued at $5,821,159.48. The disclosure for this sale can be found here. 1.00% of the stock is currently owned by company insiders.

About Rackspace Technology

Rackspace Technology, Inc operates as a multi cloud technology services company in the Americas, Europe, the Middle East, Africa, and The Asia-Pacific region. It operates through three segments: Multicloud Services, Apps & Cross Platform, and OpenStack Public Cloud. The company provides public and private cloud managed services, which allow customers to determine, manage, and optimize the right infrastructure, platforms, and services; professional services related to designing and building multi cloud solutions and cloud-native applications; and managed hosting and colocation services.