RigNet, Inc. (RNET) Stock: Why It’s Headed Up

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RigNet, Inc. (RNET) is trending up in the market in today’s trading session. The company, focused in the tech industry, is presently trading at $5.39 after a move up of 2.76% so far in today’s session. As it relates to technology stocks, there are a number of factors that have the potential to lead to price movement in the market. One of the most common is news. Here are the most recent headlines associated with RNET:

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Nov-07-19 04:28PM RigNet Announces Third Quarter 2019 Earnings Results
Nov-05-19 08:05AM RigNet Signs Multi-Year Agreement with Brazilian Operators Offering Managed Communications on Floating Production Storage and Offloading (FPSO) Installations
Nov-04-19 08:05AM RigNet Signs Strategic Agreement with BP for Intelie Live
Oct-28-19 08:05AM RigNet Announces Third Quarter 2019 Earnings Release Date and Earnings Call Information
Oct-22-19 08:05AM RigNet Accelerates Growth in Gulf of Mexico Operations with Opening of New Office in Lafayette, Louisiana Metropolitan Area

Nonetheless, any time investors are making a decision with regard to investing, investors should focus on far more than just news, especially in the ever changing tech industry. Here’s what’s happing when it comes to RigNet, Inc..

The Performance That We’ve Seen From RNET

While a gain in a single session, like the move that we’re seeing from RigNet, Inc. might cause excitement in some investors, a single session gain by itself shouldn’t be the reason for a decision to, or not to, buy a company’s stock. It’s generally a good idea to take a look at trends further out than a single trading day. As it relates to RNET, here are the trends that we have seen:

  • Past Seven Days – In the past 5 trading sessions, RNET has produced a change in value amounting to 0.19%.
  • Past Month – The monthly performance from RigNet, Inc. works out to -28.38%.
  • Past Three Months – In the past three months, the company has produced a ROI that comes to -31.82%
  • Bi-Annually – In the previous 6 months, we have seen a change that works out to -46.26% from the company.
  • Year To Date – Since the the first trading session of this year RNET has produced a return of -58.47%.
  • Annually – Finally, throughout the last year, we have seen a change in the amount of -71.19% out of RNET. Over this period of time, the stock has traded at a high price of -71.83% and a low price of 13.34%.

Ratios Of Note

Digging into a few key ratios associated with a stock generally gives prospective investors a look of just how dangerous and/or potentially profitable a an investment option may be. Here are a few of the important ratios to look at when digging into RNET.

Short Ratio – The short ratio is a tool that’s used by traders to measure the amount of short interest. As the short ratio climbs, it shows that more investors are expecting that the value of the stock is going to tumble. Across the sector, strong tech stocks can come with a lower short ratio. However, we also see a lot of short squeezes in the industry. Nonetheless, as it relates to RigNet, Inc., the stock’s short ratio is 9.64.

Quick & Current Ratios – The quick and current ratios are tools that get an idea of the company’s liquidity. Basically, they measure whether or not a company can cover its debts when they mature based on current assets or quick assets. In the tech space, many companies rely on the continuation of support from investors as they work to bring new technologies to market, the current and quick ratios can be damning. However, some gems in the tech space do have positive quick and current ratios. As far as RNET, the quick and current ratios come to 1.20 and 1.30 respectively.  

Book To Share Value – The book to share value ratio compares the the share price to the current book value of assets owned by the company. In this case, the book to share value ratio comes in at 2.38.

Cash To Share Value – Finally, the cash to share value ratio compares the total cash on hand to the value of shares. When it comes to RNET, the cash to share value works out to 0.52.

Big Money And RigNet, Inc.

An interesting fact I have come to understand in my brief period here is that smart money tends to follow big money. In general, investors that are trying to play it relatively safe will follow investments made by institutions and those on the inside. So, how does the big money flow when it comes to RNET? Here’s the information:

  • Institutions – Currently, institutional investors hold 84.90% of RigNet, Inc.. On the other hand, it’s worth considering that the ownership held by institutions has changed in the amount of -0.15% in the past quarter.
  • Insiders – As far as insiders go, insiders of the company currently own 1.40% of RigNet, Inc.. Their ownership of the company has changed by 0.00% over the past quarter.

How Analysts Feel About RigNet, Inc.

While it’s not a smart idea to unknowingly follow the thoughts of analysts, it is a smart idea to use their analysis when validating your own when it comes to making an investment decision in the technology industry. Below are the most recent moves that we have seen from analysts when it comes to RNET.

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Oct-16-19 Initiated National Securities Buy
Sep-07-18 Reiterated Maxim Group Buy $20 → $24
Jan-30-18 Initiated Wells Fargo Market Perform
Jun-28-16 Upgrade Sidoti Neutral → Buy
Nov-10-15 Downgrade Sidoti Buy → Neutral

Financial Performance

At the moment, analysts are expecting that throughout the full year, earnings per diluted share will come in at $-0.19. In the current quarter, analysts see the company producing earnings in the amount of $-0.05. Over the last 5 years, RNET has generated revenue in the amount of $1.60% with earnings coming in at -40.50%. On a quarter over quarter basis, earnings have seen movement of -38.90% and revenue has seen movement of 0.50%.

What’s Going On With Share Counts?

Traders and investors seem to have an interest in the total numbers of shares both available and outstanding. In regard to RigNet, Inc., currently there are 20.96M with a float of 14.59M. This means that of the total of 20.96M shares of RNET currently in existence today, 14.59M are available to be traded on the public market.

I also like to pay attention to the short float. Think about it, when a high portion of the float available for trading is shorted, the overall opinion among investors is that the equity is going to fall hard. With regard to RNET, the percentage of the float that is currently being sold short is 2.70%. In general, concerning short percent of the float is any percentage over 40%. Nonetheless, I have seen that a short percent of the float over 26% is likely a play that comes with hefty risk.

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