Red Hat (RHT) has been under a strong bear grip, hence the stock is down -6.52% when compared to the S&P 500 in the past 4 weeks. However, in the near-term, buying emerged at lower levels and the stock has outperformed the S&P 500 by 0.26% in the past 1 week. The stock has risen by 0.88% in the past week indicating that the buyers are active at lower levels, but the stock is down -0.2% in the past 4 weeks.
Red Hat (NYSE:RHT): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $72.22 and $72.22 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $73.71. The buying momentum continued till the end and the stock did not give up its gains. It closed at $73.47, notching a gain of 1.62% for the day. The total traded volume was 1,417,008 . The stock had closed at $72.30 on the previous day.
The stock has recorded a 20-day Moving Average of 0.9% and the 50-Day Moving Average is 1.88%. Red Hat, Inc. has dropped 1.84% during the last 3-month period . Year-to-Date the stock performance stands at -11.28%.
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.