The stock of RigNet, Inc. (NASDAQ:RNET) is now priced at $5.17 and the shares are 0.86 points up or 19.95% higher compared to its previous closing price of $4.31. The stock had 1.149 million contracts set over the past session. RNET shares’ daily volume is compared to its average trading volume at 1.665 million shares. However, it has a float of 14.93 million and although its performance was 24.88% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the RNET share price recently placing at $4.255 to $5.3366. However, some brokerage firms have priced the stock below the average, including one that has called $12.
The shorts are climbing into the RigNet, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the RNET shares have risen. Short interest in the stock represents just 7.23% of its float, but the volume has raised by 267076. The volume of shorted shares rised to 1.079 million from 812114 shares over the last two weeks. The average intraday trading volume has been 640532 shares, which means that days to cover moved to roughly 1.684834.
In the last trading session, RigNet, Inc. (NASDAQ:RNET) raised by $1.03 over the week and gained $2.71 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $8.85. The stock recorded its established 52-week high on 09/16/19.
Since 04/22/20, the stock has traded to a low of $0.77 at 571.43%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.17. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, RigNet, Inc.’s two-week RSI is 78.85. This suggests that the stock is oversold at the moment and that RNET shares’ price movement remains not stable. The stochastic readings are equally revealing at 87.87% meaning the RNET share price is currently in oversold territory.
The technical chart shows that the RNET stock will likely settle at between $5.59 and $6 per share. However, if the stock dips below $4.5, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $3.84.
Currently, the stock is trading in the green of MACD, with a reading of 0.34. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at National Securities cut their recommendation for RNET from Buy to Neutral in April 17 review. National Securities analysts see the stock as a Buy in a flash note released to investors on October 16 initiating covering the stock. Maxim Group analysts see the stock as Buy. Nonetheless, the analysts revised the share prices up on September 07, placing it at $24 from $20.
The average rating for the RNET equity is 1 and is currently gathering a bullish momentum. Of 1 analysts tracking RigNet, Inc. polled by Reuters, 0 rated RNET as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for RigNet, Inc. (NASDAQ:RNET) will decrease by about -99.91%, which will see them reach $47.85 million. The company’s full-year revenues are, however, expected to diminish by about -13.99%, down from $243 million to $209 million. RNET’s expected adjusted earnings should drop almost -800% to end up at -$0.35 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -31.03% to record -$0.4/share.