RigNet, Inc. (NASDAQ:RNET) was downgraded by analysts at BidaskClub from a “hold” rating to a “sell” rating in a report issued on Wednesday.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, 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. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $20.33.

Shares of RigNet (NASDAQ RNET) traded down 3.55% on Wednesday, reaching $14.95. 102,708 shares of the company traded hands. RigNet has a 52-week low of $11.98 and a 52-week high of $23.90. The stock has a 50 day moving average of $17.57 and a 200 day moving average of $18.35. The stock’s market cap is $272.37 million.

RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.18. The firm had revenue of $49.16 million during the quarter, compared to analyst estimates of $49.37 million. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The business’s revenue was down 10.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.27) EPS. On average, analysts expect that RigNet will post ($0.20) earnings per share for the current year.

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In other news, Director Charles Louis Iv Davis sold 1,750 shares of the firm’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $16.87, for a total transaction of $29,522.50. Following the completion of the sale, the director now owns 43,313 shares in the company, valued at approximately $730,690.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 1.20% of the company’s stock.

Hedge funds have recently bought and sold shares of the company. Teachers Advisors LLC boosted its stake in RigNet by 0.8% in the fourth quarter. Teachers Advisors LLC now owns 31,816 shares of the Wireless communications provider’s stock worth $737,000 after buying an additional 243 shares in the last quarter. American International Group Inc. boosted its stake in RigNet by 7.1% in the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after buying an additional 516 shares in the last quarter. Alliancebernstein L.P. boosted its stake in RigNet by 3.4% in the first quarter. Alliancebernstein L.P. now owns 18,250 shares of the Wireless communications provider’s stock worth $391,000 after buying an additional 600 shares in the last quarter. Blair William & Co. IL boosted its stake in RigNet by 1.5% in the first quarter. Blair William & Co. IL now owns 51,765 shares of the Wireless communications provider’s stock worth $915,000 after buying an additional 775 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in RigNet by 15.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after buying an additional 1,562 shares in the last quarter. Institutional investors own 98.41% of the company’s stock.

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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