Stock News Spotlight: RigNet (NASDAQ:RNET)

RigNet (NASDAQ:RNET) stock identified change of -1.97% away from 52-week low price and recently located move of -78.45% off 52-week high price. It has market worth of $72.70M. RNET stock has been recorded -36.40% away from 50 day moving average and -52.03% away from 200 day moving average. Moving closer, we can see that shares have been trading -23.65% off 20-day moving average.

On Feb.10, 2020, RigNet (NASDAQ:RNET) the leading provider of ultra-secure, intelligent networking solutions, released that it has signed a long-term agreement with Northern Offshore, a global offshore drilling company, to provide various services to their fleet of rigs in the Middle East. Under this agreement, RigNet will provide several solutions including VSAT Managed Communications Services, CrewFlix Video on Demand, CrewHotspot internet, and Enhanced Cyber Services (ECS).

RigNet has demonstrated their ability to meet our expectations of rapid deployment and alignment with Northern Offshore’s plans, said Tony Beebe, SVP Project Management & Engineering. We expect these solutions and technologies will allow us to optimize our operations for greater efficiency and increased financial performance.

RigNet is providing an advanced VSAT solution with voice and high-speed data communications as well as 24/7 remote network monitoring and technical support. This will be combined with RigNet’s ECS offering, an improved data and system security solution with real-time threat detection, as well as an advanced conditional access system tailored for 3rd-party partners on offshore rigs.

In addition, RigNet is also providing crew information and entertainment services from its CrewConnect portfolio, including CrewFlix, RigNet’s video-on-demand service and Crew Hotspot, a dedicated crew internet access point. The CrewConnect portfolio provides services for improved crew morale in remote locations, enhancing operational efficiency through reduced employee turnover and increased productivity.

We are very pleased that Northern Offshore recognizes the value of RigNet as we enable their success across these vessels in the region, said Steven Picket, President and Chief Executive Officer of RigNet. Our goal is to deliver comprehensive managed communications services to meet the needs of customers like Northern Offshore as they improve efficiency, productivity, and safety while lowering overall cost.

The Technology sector company, RigNet noticed change of -4.40% to $3.48 along volume of 69934 shares in recent session compared to an average volume of 84.77K. The stock observed return of -13.54% in 5 days trading activity. The stock was at -42.19% over one month performance. RNET’s shares are at -38.30% for the quarter and driving a -76.02% return over the course of the past year and is now at -47.27% since this point in 2018.

The average volatility for the week at 7.01% and for month was at 7.55%. There are 20.89M shares outstanding and 14.58M shares are floated in market. Right now the stock beta is 1.81.

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