RigNet, Inc. (NASDAQ:RNET) has been assigned an average recommendation of “Hold” from the six research firms that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $19.33.
A number of brokerages recently issued reports on RNET. Piper Jaffray Companies set a $17.00 target price on shares of RigNet and gave the stock a “hold” rating in a research report on Wednesday, August 16th. BidaskClub cut shares of RigNet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 16th. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Finally, Simmons raised their price objective on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd.
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In other RigNet news, Director Charles Louis Iv Davis sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the completion of the sale, the director now owns 40,313 shares in the company, valued at approximately $655,086.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.20% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of RNET. Teachers Advisors LLC boosted its stake in shares of RigNet by 0.8% in the 4th quarter. Teachers Advisors LLC now owns 31,816 shares of the Wireless communications provider’s stock valued at $737,000 after purchasing an additional 243 shares during the last quarter. Strs Ohio boosted its stake in shares of RigNet by 22.9% in the 1st quarter. Strs Ohio now owns 19,300 shares of the Wireless communications provider’s stock valued at $413,000 after purchasing an additional 3,600 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of RigNet by 2.9% in the 1st quarter. Bank of New York Mellon Corp now owns 71,138 shares of the Wireless communications provider’s stock valued at $1,526,000 after purchasing an additional 1,976 shares during the last quarter. Trexquant Investment LP bought a new position in shares of RigNet in the 1st quarter valued at about $456,000. Finally, Alambic Investment Management L.P. boosted its stake in shares of RigNet by 9.5% in the 1st quarter. Alambic Investment Management L.P. now owns 36,883 shares of the Wireless communications provider’s stock valued at $791,000 after purchasing an additional 3,200 shares during the last quarter. 91.25% of the stock is currently owned by institutional investors.
RigNet (NASDAQ:RNET) traded up 0.29% on Tuesday, reaching $17.20. 71,330 shares of the company’s stock were exchanged. RigNet has a 12 month low of $12.72 and a 12 month high of $23.90. The firm’s market capitalization is $313.37 million. The firm has a 50-day moving average of $16.54 and a 200-day moving average of $17.92.
RigNet (NASDAQ:RNET) last announced its earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.18). The firm had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The company’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.27) EPS. On average, equities analysts expect that RigNet will post ($0.44) earnings per share for the current year.
RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).
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