Regis Corporation (NYSE:RGS) Stock Moves Up After A New CTO

Regis Corporation (NYSE:RGS) is currently a major player in the hair care industry and is best known for having franchised its tech powered hair salons. Yesterday, the stock seemed to have come into focus among investors and went up by as much as 4%.

Market Stats

On Wednesday, RGS stock gained 3.50% at $2.99 with more than 2.38 million shares, compared to its average volume of 2.68 million shares. The stock has moved within a range of $2.8200 – 3.1500 after opening the trade at $2.83.

Names John Davi as Chief Technology Officer

However, at the same time, it is also important to keep in mind that there was no news about the company yesterday and to many investors, such a rally might actually appear random or speculative. The last time any news emerged about the company was back on October 18 when Regis Corporation announced that it had appointed John Davi as its new Chief Technology Officer.

The appointment of a new Chief Technology Officer is an important event for a company like Regis considering the fact that its tech is at the forefront of the business. In addition to that, Davi is a seasoned tech professional and has significant experience in the field of product development.

In addition to that, he has considerably experience in bringing about meaningful growth in the field of platforms that are consumer facing and that is another factor that investors ought to keep in mind.

Key Quote

“John’s deep expertise in product development and his track record of growing consumer-facing platforms make him the perfect leader to take our Opensalon® ecosystem to the next level. His previous experience serving a multitude of different businesses through digital platforms will accelerate his impact and ensure our technology is world-class and serves our salons and beyond.” Felipe Athayde, Chief Executive Officer said.

Traders Corner

RGS stock is trading below the 200-Day and 50-Day Moving averages of $8.45 and $3.49 respectively. However, the stock is trading above the 20-Day moving average of $2.97. The stock is down 3% in the past month.