RigNet (RNET) Rating Increased to Buy at BidaskClub

RigNet (NASDAQ:RNET) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, January 11th.

Separately, ValuEngine cut RigNet from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $19.00.

Shares of RigNet (RNET) traded down $0.65 during midday trading on Thursday, hitting $15.60. 36,038 shares of the company were exchanged, compared to its average volume of 34,097. RigNet has a fifty-two week low of $14.01 and a fifty-two week high of $22.91. The company has a current ratio of 1.98, a quick ratio of 1.97 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $300.72 and a PE ratio of -20.57.

RigNet (NASDAQ:RNET) last released its earnings results on Monday, November 6th. The Wireless communications provider reported ($0.14) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.07). The firm had revenue of $50.84 million for the quarter. RigNet had a negative return on equity of 11.13% and a negative net margin of 7.05%. analysts expect that RigNet will post -0.73 EPS for the current year.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC purchased a new position in RigNet in the 4th quarter worth about $110,000. Skandinaviska Enskilda Banken AB publ grew its stake in RigNet by 10.1% during the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 808,089 shares of the Wireless communications provider’s stock valued at $13,899,000 after acquiring an additional 74,090 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in RigNet by 8.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 433,126 shares of the Wireless communications provider’s stock valued at $7,450,000 after acquiring an additional 34,420 shares in the last quarter. Wells Fargo & Company MN grew its stake in RigNet by 53.1% during the 3rd quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock valued at $271,000 after acquiring an additional 5,475 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in RigNet by 58.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 455,175 shares of the Wireless communications provider’s stock valued at $7,988,000 after acquiring an additional 168,275 shares in the last quarter. 92.27% of the stock is currently owned by hedge funds and other institutional investors.

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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).

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