RigNet Inc. (RNET) Leads Tech Stocks with 9.52% at Midday on December 9

RigNet Inc. (RNET) has been one of the best performers amongst all NYSE and NASDAQ listed stocks in the technology sector during morning trading on December 9. At the lunch break, shares of RNET have risen 9.52% to $20.7 after closing the day prior at $18.9. In the first two and a half hours of trading, the stock has gone as high as $20.9 and as low as $19.15. Today's rise has come with about 67,316 shares changing hands, compared to an average 30-day volume of 67,064 for RigNet Inc.. The price is currently below the 30-day volume weighted average price of $20.12 for RNET.

The share appreciation gives the company a market capitalization of $338.83 million based upon 17.93 million shares outstanding. It also means that RNET has a price-to-book ratio of 2.65:1.

In the past 52 weeks, shares of RNET have traded as low as $10.32 and as high as $22.465. Technical traders will take note that at $20.7, shares of RNET are trading above their 200-day MA at $13.86 and above their 50-day MA at $16.34. Technical analysts pay close attention to these key moving averages because they often serve as technical support and resistance levels and because a move through or holding above them is typically regarded as bullish.

Who is RNET?

RigNet Inc provides managed remote communications, TSI and collaborative applications dedicated to the oil and gas industry, focusing on offshore and onshore drilling rigs, energy production facilities and maritime. The company’s 546 employees are led by CEO Steven E. Pickett from the corporate headquarters at 1880 S. Dairy Ashford in Houston, TX.

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