RigNet (NASDAQ:RNET) announced its earnings results on Thursday. The Wireless communications provider reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.01, Morningstar.com reports. The business had revenue of $64.77 million during the quarter. RigNet had a negative net margin of 8.96% and a negative return on equity of 14.04%.
RNET traded down $0.79 during mid-day trading on Friday, reaching $17.83. 61,266 shares of the company traded hands, compared to its average volume of 63,430. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.48. RigNet has a 52-week low of $10.02 and a 52-week high of $24.05.
In related news, major shareholder Digital Oilfield Investments L acquired 13,402 shares of RigNet stock in a transaction dated Monday, August 13th. The stock was purchased at an average cost of $13.48 per share, for a total transaction of $180,658.96. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, major shareholder Fund Holdings Gp Ltd Kkr acquired 42,089 shares of RigNet stock in a transaction dated Friday, August 31st. The stock was bought at an average price of $15.97 per share, with a total value of $672,161.33. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 257,392 shares of company stock valued at $3,829,491 and have sold 12,718 shares valued at $263,512. 2.30% of the stock is currently owned by insiders.
Large investors have recently bought and sold shares of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of RigNet in the 2nd quarter worth $110,000. Tower Research Capital LLC TRC increased its stake in shares of RigNet by 473.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 15,332 shares of the Wireless communications provider’s stock worth $158,000 after purchasing an additional 12,658 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of RigNet in the 2nd quarter worth $169,000. Schwab Charles Investment Management Inc. increased its stake in shares of RigNet by 37.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 85,716 shares of the Wireless communications provider’s stock worth $883,000 after purchasing an additional 23,323 shares in the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in shares of RigNet in the 3rd quarter worth $973,000. Hedge funds and other institutional investors own 86.31% of the company’s stock.
A number of brokerages have weighed in on RNET. Maxim Group set a $24.00 target price on shares of RigNet and gave the company a “buy” rating in a research note on Friday. BidaskClub lowered shares of RigNet from a “buy” rating to a “hold” rating in a research note on Friday, October 19th. Finally, ValuEngine upgraded shares of RigNet from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. RigNet presently has a consensus rating of “Hold” and an average target price of $19.50.
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RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.
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