Insider Selling: Hansen Morten Hagland Unloads 15,515 Shares of RigNet Stock (RNET)
RigNet (NASDAQ:RNET) VP Hansen Morten Hagland sold 15,515 shares of RigNet stock in a transaction dated Monday, June 9th. The shares were sold at an average price of $50.00, for a total value of $775,750.00. Following the sale, the vice president now directly owns 13,443 shares of the company’s stock, valued at approximately $672,150. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Separately, analysts at Oppenheimer raised their price target on shares of RigNet from $52.00 to $62.00 in a research note on Thursday, March 13th. They now have an “outperform” rating on the stock. One equities research analyst has rated the stock with a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $53.35.
RigNet (NASDAQ:RNET) traded down 1.50% on Tuesday, hitting $49.25. 66,414 shares of the company’s stock traded hands. RigNet has a one year low of $23.13 and a one year high of $59.06. The stock has a 50-day moving average of $48.91 and a 200-day moving average of $47.86. The company has a market cap of $865.4 million and a P/E ratio of 60.39.
RigNet (NASDAQ:RNET) last released its earnings data on Monday, May 12th. The company reported $0.25 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.27 by $0.02. The company had revenue of $75.00 million for the quarter, compared to the consensus estimate of $66.26 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The company’s quarterly revenue was up 42.1% on a year-over-year basis. On average, analysts predict that RigNet will post $1.42 earnings per share for the current fiscal year.
RigNet, Inc (NASDAQ:RNET) is a network infrastructure provider serving the remote communications needs of the oil and gas industry.
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