ValuEngine downgraded shares of RigNet, Inc. (NASDAQ:RNET) from a hold rating to a sell rating in a report released on Friday, October 20th.
RNET has been the subject of several other reports. Zacks Investment Research upgraded RigNet from a sell rating to a hold rating in a report on Wednesday, July 19th. Simmons increased their price target on RigNet from $17.00 to $19.00 and gave the stock a neutral rating in a report on Monday, July 3rd. BidaskClub cut RigNet from a hold rating to a sell rating in a research report on Wednesday, August 16th. Finally, Piper Jaffray Companies set a $17.00 price objective on RigNet and gave the stock a hold rating in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. RigNet presently has an average rating of Hold and a consensus price target of $19.33.
Shares of RigNet (NASDAQ RNET) opened at 17.75 on Friday. The stock’s 50 day moving average is $17.45 and its 200 day moving average is $17.47. The stock’s market cap is $323.39 million. RigNet has a 12 month low of $13.90 and a 12 month high of $23.90.
RigNet (NASDAQ:RNET) last released its quarterly earnings data on Monday, August 7th. The Wireless communications provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.18). The company had revenue of $49.16 million during the quarter, compared to the consensus estimate of $49.37 million. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.27) EPS. Analysts predict that RigNet will post ($0.46) earnings per share for the current fiscal year.
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In other news, Director Charles Louis Iv Davis sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was sold at an average price of $16.25, for a total value of $48,750.00. Following the completion of the sale, the director now directly owns 40,313 shares of the company’s stock, valued at $655,086.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the business. FMR LLC increased its stake in RigNet by 10.6% during the 1st quarter. FMR LLC now owns 2,371,641 shares of the Wireless communications provider’s stock worth $50,872,000 after acquiring an additional 226,509 shares during the period. Renaissance Technologies LLC increased its stake in RigNet by 8.8% during the 1st quarter. Renaissance Technologies LLC now owns 468,600 shares of the Wireless communications provider’s stock worth $10,051,000 after acquiring an additional 38,000 shares during the period. Dimensional Fund Advisors LP increased its stake in RigNet by 6.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 398,706 shares of the Wireless communications provider’s stock worth $6,399,000 after acquiring an additional 24,862 shares during the period. State Street Corp increased its stake in RigNet by 11.8% during the 2nd quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock worth $3,914,000 after acquiring an additional 25,741 shares during the period. Finally, Northern Trust Corp increased its stake in RigNet by 29.6% during the 2nd quarter. Northern Trust Corp now owns 202,852 shares of the Wireless communications provider’s stock worth $3,256,000 after acquiring an additional 46,311 shares during the period. Hedge funds and other institutional investors own 91.25% of the company’s stock.
RigNet Company Profile
RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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