Maxim Group set a $24.00 price objective on RigNet (NASDAQ:RNET) in a research report report published on Wednesday morning. The firm currently has a buy rating on the Wireless communications provider’s stock.
Several other analysts also recently commented on RNET. BidaskClub upgraded RigNet from a sell rating to a hold rating in a research note on Thursday, August 16th. ValuEngine upgraded RigNet from a hold rating to a buy rating in a research note on Tuesday, October 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. RigNet currently has an average rating of Hold and an average target price of $19.50.
Shares of RNET opened at $17.20 on Wednesday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.75 and a current ratio of 1.75. RigNet has a 12 month low of $10.02 and a 12 month high of $24.05.
RigNet (NASDAQ:RNET) last issued its earnings results on Monday, August 6th. The Wireless communications provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.04. RigNet had a negative return on equity of 14.04% and a negative net margin of 8.96%. The business had revenue of $60.01 million for the quarter.
In other news, major shareholder Fund Holdings Gp Ltd Kkr purchased 42,089 shares of the company’s stock in a transaction dated Friday, August 31st. The shares were purchased at an average cost of $15.97 per share, for a total transaction of $672,161.33. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Tonya Maumus Mcdermott sold 10,576 shares of the firm’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $21.80, for a total value of $230,556.80. The disclosure for this sale can be found here. Over the last 90 days, insiders bought 257,392 shares of company stock worth $3,829,491 and sold 14,718 shares worth $289,512. Company insiders own 2.30% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in RNET. FMR LLC boosted its stake in shares of RigNet by 6.2% in the 2nd quarter. FMR LLC now owns 2,904,526 shares of the Wireless communications provider’s stock worth $29,917,000 after buying an additional 170,747 shares during the last quarter. BlackRock Inc. raised its holdings in RigNet by 8.4% in the 2nd quarter. BlackRock Inc. now owns 937,866 shares of the Wireless communications provider’s stock worth $9,661,000 after purchasing an additional 72,555 shares during the period. Dimensional Fund Advisors LP raised its holdings in RigNet by 13.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 588,183 shares of the Wireless communications provider’s stock worth $6,058,000 after purchasing an additional 71,460 shares during the period. Russell Investments Group Ltd. bought a new position in RigNet in the 3rd quarter worth $973,000. Finally, Schwab Charles Investment Management Inc. raised its holdings in RigNet by 37.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 85,716 shares of the Wireless communications provider’s stock worth $883,000 after purchasing an additional 23,323 shares during the period. Hedge funds and other institutional investors own 86.06% of the company’s stock.
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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