RigNet (RNET) Issues Earnings Results

RigNet (NASDAQ:RNET) released its earnings results on Thursday. The Wireless communications provider reported ($0.05) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.20) by $0.15, Morningstar.com reports. The firm had revenue of $60.24 million for the quarter. RigNet had a negative return on equity of 14.44% and a negative net margin of 7.84%.

Shares of NASDAQ:RNET opened at $14.20 on Friday. RigNet has a 1-year low of $10.02 and a 1-year high of $24.05. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.63.

Separately, BidaskClub lowered RigNet from a “hold” rating to a “sell” rating in a report on Saturday, December 8th.

Large investors have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. acquired a new stake in shares of RigNet during the 4th quarter worth approximately $106,000. Bank of America Corp DE grew its holdings in shares of RigNet by 60.1% during the 4th quarter. Bank of America Corp DE now owns 9,716 shares of the Wireless communications provider’s stock worth $123,000 after purchasing an additional 3,648 shares in the last quarter. MetLife Investment Advisors LLC acquired a new stake in shares of RigNet during the 3rd quarter worth approximately $235,000. Virtu Financial LLC acquired a new stake in shares of RigNet during the 3rd quarter worth approximately $244,000. Finally, Matarin Capital Management LLC acquired a new stake in shares of RigNet during the 3rd quarter worth approximately $287,000. 89.64% of the stock is currently owned by institutional investors.

WARNING: This article was originally posted by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are accessing this article on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark laws. The correct version of this article can be viewed at https://www.dispatchtribunal.com/2019/03/16/rignet-rnet-issues-earnings-results.html.

About RigNet

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.

Featured Story: What is the S&P 500 Index?

Earnings History for RigNet (NASDAQ:RNET)

Receive News & Ratings for RigNet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RigNet and related companies with MarketBeat.com's FREE daily email newsletter.