Rackspace Technology (NASDAQ:RXT) Updates Q3 Earnings Guidance

Rackspace Technology (NASDAQ:RXT) updated its third quarter earnings guidance on Thursday. The company provided earnings per share guidance of $(0.08)-(0.06) for the period, compared to the consensus earnings per share estimate of ($0.07). The company issued revenue guidance of $668-680 million, compared to the consensus revenue estimate of $671.98 million.

Rackspace Technology Price Performance

Shares of RXT stock traded up $0.01 during trading hours on Friday, reaching $2.25. The stock had a trading volume of 1,658,716 shares, compared to its average volume of 1,717,450. The firm has a market capitalization of $503.66 million, a PE ratio of -0.57 and a beta of 1.98. The firm has a 50-day simple moving average of $2.48 and a 200-day simple moving average of $2.04. Rackspace Technology has a twelve month low of $1.15 and a twelve month high of $3.18.

Rackspace Technology (NASDAQ:RXT) last posted its earnings results on Thursday, August 8th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate 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 anticipate that Rackspace Technology will post -0.38 earnings per share for the current year.

Insider Buying and Selling at Rackspace Technology

In related news, EVP Dharmendra Kumar Sinha sold 149,249 shares of the business’s stock in a transaction that occurred 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 $5,821,159.48. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Rackspace Technology news, insider Kellie Teal-Guess sold 61,393 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $2.13, for a total value of $130,767.09. Following the completion of the sale, 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 Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Dharmendra Kumar Sinha sold 149,249 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $2.36, for a total transaction of $352,227.64. Following the transaction, the executive vice president now owns 2,466,593 shares of the company’s stock, valued at approximately $5,821,159.48. The disclosure for this sale can be found here. 1.00% of the stock is owned by corporate 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.