RigNet Inc (RNET) Insider Sells $14,500.00 in Stock

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RigNet Inc (NASDAQ:RNET) insider Brendan Sullivan sold 1,000 shares of the business’s stock in a transaction dated Tuesday, August 21st. The shares were sold at an average price of $14.50, for a total value of $14,500.00. Following the completion of the sale, the insider now directly owns 2,809 shares of the company’s stock, valued at $40,730.50. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Brendan Sullivan also recently made the following trade(s):

  • On Tuesday, August 7th, Brendan Sullivan sold 2,000 shares of RigNet stock. The shares were sold at an average price of $13.00, for a total value of $26,000.00.

RNET stock opened at $15.30 on Wednesday. The stock has a market cap of $275.88 million, a price-to-earnings ratio of -21.55 and a beta of 0.96. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.75. RigNet Inc has a 52-week low of $10.02 and a 52-week high of $19.10.

RigNet (NASDAQ:RNET) last released its quarterly earnings results on Monday, August 6th. The Wireless communications provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.04. The business had revenue of $60.01 million during the quarter. RigNet had a negative return on equity of 14.04% and a negative net margin of 8.96%.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Matarin Capital Management LLC purchased a new position in shares of RigNet in the 1st quarter worth approximately $170,000. Deutsche Bank AG boosted its stake in shares of RigNet by 149.7% in the 4th quarter. Deutsche Bank AG now owns 29,494 shares of the Wireless communications provider’s stock worth $440,000 after buying an additional 17,681 shares during the last quarter. Mackay Shields LLC purchased a new position in shares of RigNet in the 1st quarter worth approximately $408,000. Punch & Associates Investment Management Inc. boosted its stake in shares of RigNet by 26.4% in the 1st quarter. Punch & Associates Investment Management Inc. now owns 481,101 shares of the Wireless communications provider’s stock worth $6,543,000 after buying an additional 100,609 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its stake in shares of RigNet by 30.1% in the 4th quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock worth $307,000 after buying an additional 4,749 shares during the last quarter. Hedge funds and other institutional investors own 89.24% of the company’s stock.

A number of brokerages recently commented on RNET. BidaskClub lowered RigNet from a “sell” rating to a “strong sell” rating in a research report on Monday, May 14th. Maxim Group set a $19.00 target price on RigNet and gave the company a “buy” rating in a research report on Tuesday, July 31st. ValuEngine downgraded RigNet from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. Finally, Zacks Investment Research upgraded RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $17.00.

About RigNet

RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.

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