RigNet, Inc. (NASDAQ:RNET) Director Charles Louis Iv Davis sold 3,000 shares of the company’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $16.25, for a total transaction of $48,750.00. Following the completion of the transaction, the director now owns 40,313 shares in the company, valued at $655,086.25. The sale was disclosed in a filing with the SEC, which is available through this link.

Shares of RigNet, Inc. (NASDAQ RNET) opened at 16.00 on Friday. The stock’s market cap is $291.50 million. The stock has a 50 day moving average of $16.81 and a 200 day moving average of $17.98. 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. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The company had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. During the same quarter in the prior year, the business earned ($0.27) earnings per share. RigNet’s revenue was down 10.5% on a year-over-year basis. On average, equities analysts anticipate that RigNet, Inc. will post ($0.44) earnings per share for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: “Insider Selling: RigNet, Inc. (RNET) Director Sells $48,750.00 in Stock” was first reported by The Cerbat Gem and is the property of of The Cerbat Gem. If you are accessing this piece of content on another domain, it was stolen and republished in violation of international copyright & trademark legislation. The original version of this piece of content can be accessed at https://www.thecerbatgem.com/2017/09/10/insider-selling-rignet-inc-rnet-director-sells-48750-00-in-stock.html.

RNET has been the topic of a number of research analyst reports. BidaskClub downgraded shares of RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. Piper Jaffray Companies set a $17.00 target price on shares of RigNet and gave the stock a “hold” rating in a research note on Wednesday, August 16th. Zacks Investment Research raised shares of RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. ValuEngine raised shares of RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Simmons upped their price target on shares of RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a research report on Monday, July 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $19.50.

Several institutional investors and hedge funds have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its position in shares of RigNet by 15.2% during the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock valued at $190,000 after acquiring an additional 1,562 shares during the last quarter. State Street Corp grew its holdings in shares of RigNet by 11.8% in the second quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock valued at $3,914,000 after purchasing an additional 25,741 shares in the last quarter. Cornerstone Capital Management Holdings LLC. grew its holdings in shares of RigNet by 61.5% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 40,171 shares of the Wireless communications provider’s stock valued at $643,000 after purchasing an additional 15,300 shares in the last quarter. OxFORD Asset Management LLP acquired a new position in shares of RigNet in the second quarter valued at approximately $348,000. Finally, Dimensional Fund Advisors LP grew its holdings in shares of RigNet by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 398,706 shares of the Wireless communications provider’s stock valued at $6,399,000 after purchasing an additional 24,862 shares in the last quarter. Institutional investors and hedge funds own 91.25% of the company’s stock.

About RigNet

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).

Receive News & Stock Ratings for RigNet Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RigNet Inc. and related stocks with our FREE daily email newsletter.