RigNet Inc. (RNET) Given Consensus Recommendation of “Hold” by Brokerages
Shares of RigNet Inc. (NASDAQ:RNET) have received a consensus recommendation of “Hold” from the eight brokerages that are presently covering the firm. Two equities research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and three have given a buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $14.67.
A number of research firms have issued reports on RNET. Zacks Investment Research lowered shares of RigNet from a “hold” rating to a “strong sell” rating in a report on Saturday, August 13th. Sidoti upgraded shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, June 28th. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of RigNet in a report on Wednesday, August 17th. Finally, Jefferies Group restated a “buy” rating and issued a $14.00 target price (down from $16.00) on shares of RigNet in a report on Saturday, August 13th.
Shares of RigNet (NASDAQ:RNET) traded down 2.93% on Monday, hitting $16.55. 18,290 shares of the company were exchanged. The company has a 50-day moving average price of $13.92 and a 200 day moving average price of $13.30. RigNet has a 52-week low of $10.32 and a 52-week high of $32.81. The firm’s market cap is $294.69 million.
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RigNet (NASDAQ:RNET) last issued its quarterly earnings data on Monday, August 8th. The company reported ($0.27) EPS for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.29. The business earned $54.91 million during the quarter, compared to analyst estimates of $58.50 million. RigNet had a negative net margin of 11.91% and a negative return on equity of 2.41%. RigNet’s revenue was down 26.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. Analysts predict that RigNet will post ($0.35) EPS for the current fiscal year.
In other news, Director Kevin C. Mulloy sold 3,650 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $12.14, for a total transaction of $44,311.00. Following the transaction, the director now directly owns 52 shares in the company, valued at approximately $631.28. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.70% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC raised its position in shares of RigNet by 133.2% in the second quarter. FMR LLC now owns 1,861,830 shares of the company’s stock valued at $24,930,000 after buying an additional 1,063,430 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 worth $4,099,000 after buying an additional 299,499 shares during the period. Bogle Investment Management L P DE acquired a new stake in RigNet during the first quarter worth about $2,029,000. Cannell Capital LLC increased its stake in RigNet by 78.9% in the second quarter. Cannell Capital LLC now owns 311,577 shares of the company’s stock worth $4,172,000 after buying an additional 137,452 shares during the period. Finally, Thomson Horstmann & Bryant Inc. acquired a new stake in RigNet during the second quarter worth about $1,700,000. Institutional investors and hedge funds own 96.23% 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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