RigNet, Inc. (RNET) Receives Consensus Recommendation of “Hold” from Brokerages
RigNet, Inc. (NASDAQ:RNET) has been given a consensus rating of “Hold” by the six analysts that are covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $19.33.
Several research analysts have issued reports on the stock. ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, Piper Jaffray Companies set a $17.00 price target on shares of RigNet and gave the stock a “hold” rating in a research report on Wednesday, August 16th.
RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.18). The business had revenue of $49.16 million during the quarter, compared to analyst estimates of $49.37 million. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The company’s quarterly revenue was down 10.5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.27) EPS.
In related news, Director Charles Louis Iv Davis sold 3,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 40,313 shares of the company’s stock, valued at approximately $655,086.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.20% of the company’s stock.
A number of institutional investors have recently bought and sold shares of the stock. American Century Companies Inc. acquired a new position in RigNet in the 3rd quarter worth approximately $174,000. Wedge Capital Management L L P NC acquired a new position in RigNet in the 3rd quarter worth approximately $327,000. The Manufacturers Life Insurance Company boosted its stake in RigNet by 15.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after purchasing an additional 1,562 shares during the period. State Street Corp boosted its stake in RigNet by 11.8% in the 2nd quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock worth $3,914,000 after purchasing an additional 25,741 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in RigNet by 61.5% in the 2nd quarter. Cornerstone Capital Management Holdings LLC. now owns 40,171 shares of the Wireless communications provider’s stock worth $643,000 after purchasing an additional 15,300 shares during the period. 90.94% of the stock is owned by hedge funds and other institutional investors.
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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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