RigNet Inc. (RNET) Shares Down 1.5%
RigNet Inc. (NASDAQ:RNET)’s share price traded down 1.5% on Wednesday . The stock traded as low as $13.71 and last traded at $13.83, with a volume of 54,326 shares changing hands. The stock had previously closed at $14.04.
Several equities research analysts have commented on the stock. Zacks Investment Research downgraded shares of RigNet from a “hold” rating to a “strong sell” rating in a report on Saturday, August 13th. Sidoti raised shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Tuesday, June 28th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of RigNet in a report on Wednesday, August 17th. Finally, Jefferies Group reaffirmed a “buy” rating and set a $14.00 price objective (down from $16.00) on shares of RigNet in a report on Saturday, August 13th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. RigNet presently has an average rating of “Hold” and an average price target of $14.67.
The stock’s market cap is $246.26 million. The stock has a 50 day moving average price of $12.63 and a 200 day moving average price of $13.01.
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RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, August 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by $0.29. The company earned $54.91 million during the quarter, compared to analysts’ expectations of $58.50 million. RigNet had a negative return on equity of 2.41% and a negative net margin of 11.91%. RigNet’s revenue for the quarter was down 26.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 EPS. On average, analysts predict that RigNet Inc. will post ($0.35) EPS for the current year.
In related news, Director Kevin C. Mulloy sold 3,650 shares of RigNet stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $12.14, for a total value of $44,311.00. Following the completion of the sale, the director now directly owns 52 shares in the company, valued at approximately $631.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.70% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the company. Bogle Investment Management L P DE acquired a new stake in RigNet during the first quarter valued at approximately $2,029,000. Jacobs Levy Equity Management Inc. acquired a new stake in RigNet during the first quarter valued at approximately $1,005,000. State Street Corp increased its stake in RigNet by 1.5% in the first quarter. State Street Corp now owns 201,274 shares of the company’s stock valued at $2,754,000 after buying an additional 3,034 shares during the last quarter. JPMorgan Chase & Co. increased its stake in RigNet by 296,533.7% in the first quarter. JPMorgan Chase & Co. now owns 299,600 shares of the company’s stock valued at $4,099,000 after buying an additional 299,499 shares during the last quarter. Finally, Ramsey Quantitative Systems increased its stake in RigNet by 39.3% in the first quarter. Ramsey Quantitative Systems now owns 34,372 shares of the company’s stock valued at $470,000 after buying an additional 9,705 shares during the last quarter. Institutional investors own 96.22% of the company’s stock.
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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