RigNet Inc (NASDAQ:RNET) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research report issued on Friday.

Other research analysts have also issued reports about the stock. Simmons increased their price objective on shares of RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a report on Monday, July 3rd. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 11th. Finally, Piper Jaffray Companies set a $17.00 price objective on shares of RigNet and gave the stock a “hold” rating in a report on Wednesday, August 16th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $19.33.

Shares of RigNet (RNET) traded up 3.86% during midday trading on Friday, hitting $17.50. 30,863 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $17.35 and its 200 day moving average price is $17.61. The firm’s market cap is $318.83 million. RigNet has a one year low of $13.90 and a one year high of $23.90.

RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, August 7th. 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). The company had revenue of $49.16 million for the quarter, compared to analysts’ expectations of $49.37 million. RigNet had a negative return on equity of 15.04% and a negative net margin of 8.56%. The company’s revenue was down 10.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.27) earnings per share. Equities research analysts forecast that RigNet will post ($0.46) EPS for the current year.

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In related news, Director Charles Louis Iv Davis sold 3,000 shares of the stock in a transaction that occurred on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total transaction of $48,750.00. Following the completion of the sale, the director now owns 40,313 shares of the company’s stock, valued at approximately $655,086.25. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of RNET. FMR LLC increased its position in RigNet by 10.6% during the 1st quarter. FMR LLC now owns 2,371,641 shares of the Wireless communications provider’s stock worth $50,872,000 after purchasing an additional 226,509 shares in the last quarter. AJO LP increased its position in RigNet by 493.7% during the 2nd quarter. AJO LP now owns 116,240 shares of the Wireless communications provider’s stock worth $1,866,000 after purchasing an additional 96,661 shares in the last quarter. Algert Global LLC acquired a new stake in RigNet during the 2nd quarter worth approximately $804,000. Northern Trust Corp increased its position in RigNet by 29.6% during the 2nd quarter. Northern Trust Corp now owns 202,852 shares of the Wireless communications provider’s stock worth $3,256,000 after purchasing an additional 46,311 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in RigNet by 12.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 373,844 shares of the Wireless communications provider’s stock worth $8,019,000 after purchasing an additional 41,360 shares in the last quarter. 91.25% of the stock is owned by hedge funds and other institutional investors.

About RigNet

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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