Rackspace Technology, Inc. Investigation
Company: Rackspace Technology, Inc.
Ticker: (NASDAQ) RXT
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Investigation Details
Rackspace Technology shares fell more than 25% intraday on July 9, 2026 after the Company cut its full-year 2026 revenue guidance by $150 million and its adjusted EBITDA guidance by $20 million.
On July 8, 2026, RBC Capital raised its price target on Rackspace on the strength of the Company's Q1 2026 results. One day later, on July 9, 2026, the Company filed an 8-K reducing its FY2026 revenue outlook to a range of $2.45 billion to $2.55 billion, down from a prior range of $2.60 billion to $2.70 billion. Adjusted EBITDA guidance was lowered to $285 million to $295 million from $305 million to $315 million.
The guidance cut was disclosed alongside a $250 million at-the-market equity program and a partnership with Palantir. Trading volume surged to several times the 30-day average and the stock price abruptly declined.