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.
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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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