RigNet Inc (NASDAQ:RNET) has been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $17.50.
RNET has been the topic of several research analyst reports. BidaskClub downgraded RigNet from a “sell” rating to a “strong sell” rating in a report on Friday, February 16th. ValuEngine downgraded RigNet from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Wells Fargo & Co set a $15.00 price objective on RigNet and gave the company a “hold” rating in a report on Thursday, March 8th. Finally, Zacks Investment Research downgraded RigNet from a “hold” rating to a “sell” rating in a report on Wednesday, April 4th.
Shares of RNET stock traded down $0.20 on Thursday, hitting $12.40. The stock had a trading volume of 64,400 shares, compared to its average volume of 32,666. The company has a current ratio of 1.95, a quick ratio of 1.95 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $246.88 million, a PE ratio of -17.46 and a beta of 0.86. RigNet has a 1 year low of $11.50 and a 1 year high of $19.50.
RigNet (NASDAQ:RNET) last posted its quarterly earnings data on Monday, May 7th. The Wireless communications provider reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.09). The firm had revenue of $53.83 million during the quarter. RigNet had a negative net margin of 9.38% and a negative return on equity of 13.83%. research analysts predict that RigNet will post -0.64 EPS for the current fiscal year.
In related news, Director Charles Louis Iv Davis sold 8,000 shares of the business’s stock in a transaction on Monday, March 19th. The stock was sold at an average price of $13.51, for a total transaction of $108,080.00. Following the completion of the transaction, the director now directly owns 32,313 shares of the company’s stock, valued at approximately $436,548.63. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.30% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RNET. Punch & Associates Investment Management Inc. grew its stake in RigNet by 26.4% during the 1st quarter. Punch & Associates Investment Management Inc. now owns 481,101 shares of the Wireless communications provider’s stock worth $6,543,000 after purchasing an additional 100,609 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in RigNet by 11.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 516,723 shares of the Wireless communications provider’s stock worth $7,027,000 after purchasing an additional 52,366 shares in the last quarter. Mackay Shields LLC acquired a new position in RigNet during the 1st quarter worth $408,000. Stone Ridge Asset Management LLC acquired a new position in shares of RigNet during the 4th quarter worth about $407,000. Finally, Deutsche Bank AG boosted its position in shares of RigNet by 149.7% during the 4th quarter. Deutsche Bank AG now owns 29,494 shares of the Wireless communications provider’s stock worth $440,000 after acquiring an additional 17,681 shares in the last quarter. 86.92% of the stock is owned by hedge funds and other institutional investors.
RigNet Company Profile
RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.
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