RigNet Inc (RNET) Receives Average Recommendation of “Hold” from Brokerages

RigNet Inc (NASDAQ:RNET) has been given a consensus recommendation of “Hold” by the six ratings firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $19.33.

RNET has been the topic of a number of research reports. ValuEngine downgraded shares of RigNet from a “hold” rating to a “sell” rating in a report on Friday, October 20th. BidaskClub upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Tuesday, December 5th.

RigNet (RNET) traded up $0.25 during midday trading on Monday, hitting $18.75. 38,974 shares of the company were exchanged, compared to its average volume of 35,036. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 1.97. RigNet has a twelve month low of $14.01 and a twelve month high of $22.91. The company has a market cap of $341.72, a P/E ratio of -23.73 and a beta of 0.90.

RigNet (NASDAQ:RNET) last released its earnings results on Monday, November 6th. The Wireless communications provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.07) by ($0.07). RigNet had a negative return on equity of 11.13% and a negative net margin of 7.05%. analysts forecast that RigNet will post -0.67 EPS for the current year.

Institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. purchased a new position in shares of RigNet in the third quarter worth approximately $174,000. The Manufacturers Life Insurance Company increased its position 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 worth $190,000 after acquiring an additional 1,562 shares in the last quarter. Macquarie Group Ltd. purchased a new position in shares of RigNet in the third quarter worth approximately $223,000. Citigroup Inc. increased its position in shares of RigNet by 48.9% in the second quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock worth $250,000 after acquiring an additional 5,127 shares in the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of RigNet by 53.1% in the third quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock worth $271,000 after acquiring an additional 5,475 shares in the last quarter. 92.25% of the stock is currently owned by institutional investors and hedge funds.

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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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