RigNet, Inc. (NASDAQ:RNET) Posts Quarterly Earnings Results, Misses Estimates By $0.18 EPS
RigNet, Inc. (NASDAQ:RNET) issued its quarterly earnings data on Monday. The Wireless communications provider reported ($0.24) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.18, Briefing.com reports. RigNet had a negative return on equity of 10.36% and a negative net margin of 5.79%. The business had revenue of $49.16 million during the quarter, compared to the consensus estimate of $49.37 million. During the same quarter last year, the company earned ($0.27) EPS. RigNet’s revenue for the quarter was down 10.5% on a year-over-year basis.
RigNet (NASDAQ RNET) traded down 9.33% on Tuesday, hitting $17.50. 141,918 shares of the company were exchanged. The stock’s 50-day moving average price is $17.27 and its 200-day moving average price is $18.64. The stock’s market capitalization is $315.49 million. RigNet has a 52-week low of $11.03 and a 52-week high of $23.90.
In other news, Director Charles Louis Iv Davis sold 1,750 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $16.87, for a total transaction of $29,522.50. Following the completion of the transaction, the director now directly owns 43,313 shares of the company’s stock, valued at approximately $730,690.31. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Highbridge Capital Management LLC purchased a new position in RigNet during the fourth quarter valued at approximately $239,000. Credit Agricole S A purchased a new position in RigNet during the first quarter valued at approximately $72,096,000. Alambic Investment Management L.P. increased its position in RigNet by 9.5% in the first quarter. Alambic Investment Management L.P. now owns 36,883 shares of the Wireless communications provider’s stock valued at $791,000 after buying an additional 3,200 shares in the last quarter. OppenheimerFunds Inc. increased its position in RigNet by 0.3% in the first quarter. OppenheimerFunds Inc. now owns 543,482 shares of the Wireless communications provider’s stock valued at $11,657,000 after buying an additional 1,607 shares in the last quarter. Finally, Trexquant Investment LP purchased a new position in RigNet during the first quarter valued at approximately $456,000. 99.53% of the stock is owned by hedge funds and other institutional investors.
Several equities analysts have recently weighed in on RNET shares. Zacks Investment Research cut shares of RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. Simmons raised their target price on shares of RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, July 3rd. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. RigNet currently has an average rating of “Hold” and a consensus price target of $20.33.
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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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