Rackspace Technology (NASDAQ:RXT – Get Free Report) issued an update on its fourth quarter 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of -0.050–0.030 for the period, compared to the consensus earnings per share estimate of -0.070. The company issued revenue guidance of $668.0 million-$680.0 million, compared to the consensus revenue estimate of $675.1 million. Rackspace Technology also updated its Q4 guidance to $(0.05)-(0.03) EPS.
Rackspace Technology Trading Down 9.0 %
Rackspace Technology stock traded down $0.24 on Friday, reaching $2.42. 226,757 shares of the stock were exchanged, compared to its average volume of 1,104,148. The stock has a market cap of $550.72 million, a PE ratio of -0.76 and a beta of 1.97. The firm has a fifty day moving average price of $2.54 and a two-hundred day moving average price of $2.38. Rackspace Technology has a twelve month low of $1.22 and a twelve month high of $3.41.
Rackspace Technology (NASDAQ:RXT – Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.04. The business had revenue of $675.80 million for the quarter, compared to the consensus estimate of $675.14 million. Rackspace Technology’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.04) EPS. Equities analysts anticipate that Rackspace Technology will post -0.32 EPS for the current fiscal year.
Analyst Ratings Changes
Read Our Latest Stock Analysis on RXT
Insiders Place Their Bets
In related news, CEO Amar Maletira sold 52,206 shares of the company’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $2.35, for a total value of $122,684.10. Following the completion of the transaction, the chief executive officer now directly owns 5,347,434 shares in the company, valued at approximately $12,566,469.90. This represents a 0.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last quarter, insiders sold 227,321 shares of company stock worth $542,103. 2.00% of the stock is currently owned by company insiders.
Rackspace Technology Company Profile
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.
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