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Red Hat Inc. (RHT) Dropped Despite Q3 Beat

Red Hat Inc. (RHT) reported third quarter EPS of $0.73 after the close Tuesday, up from $0.61 last year. Street expectations were for EPS of $0.71.

The company expects to report fourth quarter EPS of approximately $0.81 and full year EPS of approximately $2.02. The consensus estimates are for EPS of $0.75 and $2.78.

Red Hat gapped open lower Wednesday and declined during the first 45 minutes of trade. The stock was range-bound for the rest of the session and closed down by 6.86 at $122.00 with volume at a 6-month high. Red Hat dropped to a 2-week low and fell below its 50-day moving average.

by RTT Staff Writer

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