RigNet (NASDAQ:RNET) Upgraded at ValuEngine

ValuEngine upgraded shares of RigNet (NASDAQ:RNET) from a hold rating to a buy rating in a report published on Thursday, ValuEngine reports.

Separately, Maxim Group assumed coverage on RigNet in a report on Wednesday, July 24th. They set a buy rating and a $20.00 price target for the company.

NASDAQ:RNET traded up $0.31 during mid-day trading on Thursday, hitting $8.52. 26,141 shares of the company traded hands, compared to its average volume of 44,004. The company has a fifty day moving average of $9.36. RigNet has a one year low of $7.22 and a one year high of $24.05. The company has a debt-to-equity ratio of 1.50, a quick ratio of 0.90 and a current ratio of 0.90.

RigNet (NASDAQ:RNET) last released its quarterly earnings results on Monday, May 6th. The Wireless communications provider reported ($0.63) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.22) by ($0.41). RigNet had a negative net margin of 28.36% and a negative return on equity of 25.06%. The company had revenue of $57.51 million for the quarter.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RNET. Geode Capital Management LLC boosted its stake in shares of RigNet by 25.7% in the fourth quarter. Geode Capital Management LLC now owns 161,102 shares of the Wireless communications provider’s stock worth $2,036,000 after acquiring an additional 32,915 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of RigNet by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 639,948 shares of the Wireless communications provider’s stock worth $8,089,000 after acquiring an additional 21,221 shares during the period. BlackRock Inc. boosted its stake in shares of RigNet by 2.2% in the fourth quarter. BlackRock Inc. now owns 973,908 shares of the Wireless communications provider’s stock worth $12,310,000 after acquiring an additional 20,960 shares during the period. Deutsche Bank AG boosted its stake in shares of RigNet by 56.3% in the fourth quarter. Deutsche Bank AG now owns 51,358 shares of the Wireless communications provider’s stock worth $648,000 after acquiring an additional 18,498 shares during the period. Finally, FMR LLC boosted its stake in shares of RigNet by 0.3% in the fourth quarter. FMR LLC now owns 2,911,679 shares of the Wireless communications provider’s stock worth $36,804,000 after acquiring an additional 7,700 shares during the period. 88.31% 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.

Featured Story: The benefits and drawbacks of dollar cost averaging

To view ValuEngine’s full report, visit ValuEngine’s official website.

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.