Red Hat (RHT) has risen sharply, recording gains of 1.61% in the past 4 weeks. However, the stock has corrected -2.41% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 0.57% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
The stock has recorded a 20-day Moving Average of 0.08% and the 50-Day Moving Average is 1.22%. Red Hat (NYSE:RHT): On Fridays trading session , Opening price of the stock was $74.29 with an intraday high of $74.29. The bears continued to sell at higher levels and eventually sold the stock down to an intraday low of $73.48. However, the stock managed to close at $74, a loss of 0.56% for the day. On the previous day, the stock had closed at $74.42. The total traded volume of the day was 974,724 shares.
The company Insiders own 0.76% of Red Hat shares according to the proxy statements. In the past twelve weeks, the net percent change held by company insiders has changed by -4.98% . Institutional Investors own 95.36% of Red Hat shares. During last six month period, the net percent change held by insiders has seen a change of -0.23%. Also, Equity analysts at the Brokerage firm Morgan Stanley downgrades its rating on Red Hat (NYSE:RHT). The rating major has initiated the coverage with equal weight rating on the shares. Earlier, the shares were rated a Overweight by the brokerage firm. The rating by the firm was issued on July 7, 2016.
Red Hat, Inc. is a provider of open source software solutions, using a community-powered approach to develop and offer operating system, virtualization, middleware, storage and cloud technologies. The Company employs an open source development model. The open source development model allows it to use the collective input, resources and knowledge of a global community of contributors who can collaborate to develop, maintain and enhance software because the human-readable source code for that software is publicly available and licenses permit modification. The Company distributes its software offerings under open source licenses that permit access to the softwares human-readable source code. The Company provides its software offerings primarily under annual or multi-year subscriptions as well as on-demand through cloud service providers.