RigNet Inc (NASDAQ:RNET) Short Interest Update

RigNet Inc (NASDAQ:RNET) saw a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 351,600 shares, a decline of 10.7% from the September 30th total of 393,900 shares. Based on an average daily volume of 42,600 shares, the short-interest ratio is presently 8.3 days. Approximately 2.5% of the shares of the company are short sold.

Hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in shares of RigNet by 11.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 207,716 shares of the Wireless communications provider’s stock valued at $2,033,000 after acquiring an additional 20,661 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of RigNet in the 2nd quarter valued at $228,000. Parametric Portfolio Associates LLC boosted its holdings in shares of RigNet by 31.5% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 44,977 shares of the Wireless communications provider’s stock valued at $453,000 after acquiring an additional 10,764 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of RigNet by 2.2% in the 2nd quarter. Northern Trust Corp now owns 206,039 shares of the Wireless communications provider’s stock valued at $2,076,000 after acquiring an additional 4,431 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of RigNet by 13,414.3% in the 3rd quarter. Tower Research Capital LLC TRC now owns 4,730 shares of the Wireless communications provider’s stock valued at $37,000 after acquiring an additional 4,695 shares during the last quarter. 84.37% of the stock is currently owned by institutional investors and hedge funds.

Shares of RNET stock traded down $0.32 during trading hours on Monday, hitting $5.88. The company’s stock had a trading volume of 40,400 shares, compared to its average volume of 48,099. The company has a 50 day moving average of $6.18 and a 200 day moving average of $8.02. The company has a quick ratio of 1.34, a current ratio of 1.40 and a debt-to-equity ratio of 2.46. RigNet has a 12-month low of $4.76 and a 12-month high of $18.74.

Several analysts have weighed in on the stock. Maxim Group assumed coverage on shares of RigNet in a research report on Wednesday, July 24th. They set a “buy” rating and a $20.00 target price on the stock. National Securities assumed coverage on shares of RigNet in a research report on Wednesday, October 16th. They set a “buy” rating on the stock. Finally, ValuEngine raised shares of RigNet from a “hold” rating to a “buy” rating in a research report on Wednesday, October 2nd.

RigNet Company Profile

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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