Charles Louis Iv Davis Sells 3,000 Shares of RigNet, Inc. (RNET) Stock
RigNet, Inc. (NASDAQ:RNET) Director Charles Louis Iv Davis sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the completion of the transaction, the director now directly owns 40,313 shares in the company, valued at approximately $655,086.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.
RigNet, Inc. (RNET) traded down 4.14% on Thursday, hitting $16.20. The stock had a trading volume of 17,715 shares. The company’s 50 day moving average price is $16.96 and its 200-day moving average price is $18.01. The company’s market cap is $295.15 million. RigNet, Inc. has a 12-month low of $12.14 and a 12-month high of $23.90.
RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.18. The company had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.27) earnings per share. Equities research analysts anticipate that RigNet, Inc. will post ($0.44) EPS for the current year.
Institutional investors have recently made changes to their positions in the company. American International Group Inc. raised its position in shares of RigNet by 7.1% during the 1st quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after purchasing an additional 516 shares during the period. Oppenheimer Asset Management Inc. acquired a new stake in shares of RigNet during the 1st quarter worth approximately $223,000. The Manufacturers Life Insurance Company raised its position in shares of RigNet by 15.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after purchasing an additional 1,562 shares during the period. Citigroup Inc. raised its position in shares of RigNet by 48.9% during the 2nd quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock worth $250,000 after purchasing an additional 5,127 shares during the period. Finally, Alliancebernstein L.P. increased its position in RigNet by 3.4% in the 1st quarter. Alliancebernstein L.P. now owns 18,250 shares of the Wireless communications provider’s stock valued at $391,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds own 91.25% of the company’s stock.
RNET has been the topic of a number of recent research reports. Zacks Investment Research raised RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Simmons boosted their target price on RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Monday, July 3rd. BidaskClub raised RigNet from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 11th. Piper Jaffray Companies set a $17.00 target price on RigNet and gave the company a “hold” rating in a report on Wednesday, August 16th. Finally, ValuEngine raised RigNet from a “sell” rating to a “hold” rating in a report on Monday, July 24th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. RigNet currently has an average rating of “Hold” and an average price target of $19.50.
RigNet Company Profile
RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).
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