RigNet Inc (RNET) Insider Benjamin Andrew Carter Sells 1,142 Shares

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RigNet Inc (NASDAQ:RNET) insider Benjamin Andrew Carter sold 1,142 shares of RigNet stock in a transaction that occurred on Thursday, August 30th. The shares were sold at an average price of $16.16, for a total transaction of $18,454.72. Following the completion of the transaction, the insider now owns 4,458 shares of the company’s stock, valued at approximately $72,041.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

RigNet stock traded up $0.15 during trading on Thursday, reaching $18.55. The stock had a trading volume of 4,557 shares, compared to its average volume of 55,301. RigNet Inc has a 52-week low of $10.02 and a 52-week high of $19.10. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $315.57 million, a P/E ratio of -25.96 and a beta of 1.43.

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

A number of institutional investors have recently modified their holdings of RNET. Cubist Systematic Strategies LLC purchased a new position in RigNet in the second quarter worth approximately $110,000. Tower Research Capital LLC TRC lifted its stake in RigNet by 473.4% in the second quarter. Tower Research Capital LLC TRC now owns 15,332 shares of the Wireless communications provider’s stock worth $158,000 after acquiring an additional 12,658 shares during the last quarter. Trexquant Investment LP purchased a new position in RigNet in the second quarter worth approximately $169,000. Matarin Capital Management LLC purchased a new position in RigNet in the first quarter worth approximately $170,000. Finally, Wells Fargo & Company MN lifted its stake in RigNet by 30.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock worth $307,000 after acquiring an additional 4,749 shares during the last quarter. Institutional investors own 86.09% of the company’s stock.

A number of research analysts recently weighed in on the stock. BidaskClub upgraded shares of RigNet from a “hold” rating to a “buy” rating in a report on Saturday, August 25th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, May 9th. Maxim Group set a $19.00 price target on shares of RigNet and gave the stock a “buy” rating in a research note on Tuesday, August 7th. Finally, ValuEngine downgraded shares of RigNet from a “hold” rating to a “sell” rating in a research note on Friday, June 29th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target 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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