Rackspace Hosting Stock Falls On Unusually High Volume (RAX)

NEW YORK ( TheStreet) -- Rackspace Hosting (NYSE: RAX) is trading at unusually high volume Wednesday with 4.9 million shares changing hands. It is currently at two times its average daily volume and trading down $3.47 (-8.3%) at $38.32 as of 2:45 p.m. ET.

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Rackspace Hosting has a market cap of $5.69 billion and is part of the technology sector and computer software & services industry. Shares are down 44.5% year to date as of the close of trading on Tuesday.

Rackspace Hosting, Inc., through its subsidiaries, provides cloud computing services, managing Web-based IT systems for small and medium-sized businesses, and large enterprises worldwide.

TheStreet Ratings rates Rackspace Hosting as a hold. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, robust revenue growth and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and disappointing return on equity. You can view the full Rackspace Hosting Ratings Report.

See all heavy volume stocks in our stocks moving on unusual volume list or get investment ideas from our investment research center.

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