RigNet Inc (NASDAQ:RNET) was the target of a significant growth in short interest in the month of July. As of July 15th, there was short interest totalling 414,900 shares, a growth of 23.8% from the June 15th total of 335,200 shares. Approximately 3.0% of the company’s shares are sold short. Based on an average daily trading volume, of 66,100 shares, the short-interest ratio is presently 6.3 days.

Separately, Maxim Group started coverage on shares of RigNet in a research note on Wednesday. They set a “buy” rating and a $20.00 price objective on the stock.

Shares of RNET traded up $0.01 on Friday, hitting $8.77. 28,009 shares of the stock traded hands, compared to its average volume of 68,827. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.90 and a current ratio of 0.90. The firm has a 50 day moving average price of $9.41. RigNet has a 1 year low of $7.22 and a 1 year high of $24.05.

RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, May 6th. The Wireless communications provider reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.41). The firm had revenue of $57.51 million for the quarter. RigNet had a negative net margin of 28.36% and a negative return on equity of 25.06%.

Several institutional investors and hedge funds have recently made changes to their positions in RNET. BNP Paribas Arbitrage SA lifted its stake in shares of RigNet by 232.5% during the first quarter. BNP Paribas Arbitrage SA now owns 2,926 shares of the Wireless communications provider’s stock valued at $29,000 after buying an additional 2,046 shares during the period. Bank of America Corp DE increased its position in RigNet by 60.1% during the fourth quarter. Bank of America Corp DE now owns 9,716 shares of the Wireless communications provider’s stock worth $123,000 after purchasing an additional 3,648 shares during the last quarter. New York State Common Retirement Fund increased its position in RigNet by 25.2% during the fourth quarter. New York State Common Retirement Fund now owns 14,900 shares of the Wireless communications provider’s stock worth $188,000 after purchasing an additional 3,000 shares during the last quarter. Millennium Management LLC increased its position in RigNet by 43.4% during the fourth quarter. Millennium Management LLC now owns 16,054 shares of the Wireless communications provider’s stock worth $203,000 after purchasing an additional 4,860 shares during the last quarter. Finally, Strs Ohio increased its position in RigNet by 7.6% during the second quarter. Strs Ohio now owns 32,700 shares of the Wireless communications provider’s stock worth $329,000 after purchasing an additional 2,300 shares during the last quarter. 88.30% of the stock is currently owned by institutional investors and hedge funds.

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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