Rackspace Hosting Stock Gaps Up On Today's Open (RAX)
Shares of Rackspace Hosting (NYSE:RAX) were gapping up Wednesday morning with an open price 14.6% higher than Tuesday's closing price. The stock closed at $49.30 yesterday and opened today's trading at $56.48.
NEW YORK ( TheStreet) -- Shares of Rackspace Hosting (NYSE: RAX) were gapping up Wednesday morning with an open price 14.6% higher than Tuesday's closing price. The stock closed at $49.30 Tuesday and opened today's trading at $56.48.
The average volume for Rackspace Hosting has been 2.3 million shares per day over the past 30 days. Rackspace Hosting has a market cap of $6.55 billion and is part of the technology sector and computer software & services industry. Shares are up 14.6% year to date as of the close of trading on Tuesday. Rackspace Hosting, Inc. provides cloud computing services, managing Web-based IT systems for small and medium-sized businesses, and large enterprises worldwide. The company has a P/E ratio of 78.2, equal to the average computer software & services industry P/E ratio and above the S&P 500 P/E ratio of 17.7. TheStreet Ratings rates Rackspace Hosting as a buy. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, robust revenue growth, largely solid financial position with reasonable debt levels by most measures and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow. You can view the full Rackspace Hosting Ratings Report. Get more investment ideas from our investment research center.