RigNet, Inc. (RNET) Receives Average Rating of “Hold” from Analysts
RigNet, Inc. (NASDAQ:RNET) has been assigned an average rating of “Hold” from the six brokerages that are currently covering the firm, Marketbeat.com reports. One research analyst has 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 12 month price target among brokerages that have updated their coverage on the stock in the last year is $19.33.
Several equities research analysts recently commented on the stock. Piper Jaffray Companies set a $17.00 price target on shares of RigNet and gave the stock a “hold” rating in a research note on Wednesday, August 16th. BidaskClub lowered shares of RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, August 16th. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Finally, Simmons lifted their price objective on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd.
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In other RigNet news, Director Charles Louis Iv Davis sold 3,000 shares of RigNet stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the transaction, the director now directly owns 40,313 shares in the company, valued at $655,086.25. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.20% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of RNET. The Manufacturers Life Insurance Company boosted its holdings in shares of 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 valued at $190,000 after acquiring an additional 1,562 shares in the last quarter. State Street Corp boosted its holdings in shares of RigNet by 11.8% in the second quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock valued at $3,914,000 after acquiring an additional 25,741 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its holdings in shares of RigNet by 61.5% in the second quarter. Cornerstone Capital Management Holdings LLC. now owns 40,171 shares of the Wireless communications provider’s stock valued at $643,000 after acquiring an additional 15,300 shares in the last quarter. OxFORD Asset Management LLP purchased a new stake in shares of RigNet in the second quarter valued at about $348,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of RigNet by 6.7% in the second quarter. Dimensional Fund Advisors LP now owns 398,706 shares of the Wireless communications provider’s stock valued at $6,399,000 after acquiring an additional 24,862 shares in the last quarter. Institutional investors own 91.25% of the company’s stock.
RigNet (NASDAQ RNET) traded up 2.47% during midday trading on Tuesday, reaching $16.60. 17,121 shares of the company’s stock traded hands. RigNet has a 1-year low of $12.14 and a 1-year high of $23.90. The company’s market capitalization is $302.44 million. The firm’s 50 day moving average price is $16.74 and its 200-day moving average price is $17.96.
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 the Thomson Reuters’ consensus estimate of ($0.06) by ($0.18). RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The company had revenue of $49.16 million for the quarter, compared to analyst estimates of $49.37 million. During the same quarter in the prior year, the business earned ($0.27) earnings per share. RigNet’s revenue was down 10.5% compared to the same quarter last year. Equities analysts expect that RigNet will post ($0.44) EPS for the current year.
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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