RigNet Inc (RNET) Receives Consensus Rating of “Hold” from Analysts

Shares of RigNet Inc (NASDAQ:RNET) have been assigned an average rating of “Hold” from the seven ratings firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $18.25.

A number of equities research analysts have recently weighed in on RNET shares. BidaskClub upgraded RigNet from a “sell” rating to a “hold” rating in a report on Friday, December 22nd. ValuEngine downgraded RigNet from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Finally, Wells Fargo & Co set a $15.00 price objective on RigNet and gave the stock a “hold” rating in a research note on Thursday.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Ramsey Quantitative Systems acquired a new position in RigNet in the 4th quarter worth about $102,000. SG Americas Securities LLC bought a new position in RigNet in the 4th quarter valued at $110,000. American Century Companies Inc. bought a new position in RigNet in the 3rd quarter valued at $174,000. The Manufacturers Life Insurance Company boosted its holdings in RigNet by 15.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock valued at $190,000 after purchasing an additional 1,562 shares during the period. Finally, Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new position in RigNet in the 4th quarter valued at $179,000. Hedge funds and other institutional investors own 91.82% of the company’s stock.

RigNet (NASDAQ:RNET) traded up $0.20 during trading on Tuesday, reaching $14.50. The company had a trading volume of 25,138 shares, compared to its average volume of 21,948. The company has a current ratio of 2.11, a quick ratio of 1.97 and a debt-to-equity ratio of 0.50. RigNet has a 12-month low of $13.20 and a 12-month high of $22.91.

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RigNet Company Profile

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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