RigNet (NASDAQ:RNET) was upgraded by analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Saturday.
Other analysts have also issued reports about the company. Wells Fargo set a $15.00 price target on RigNet and gave the company a “hold” rating in a report on Thursday, March 8th. Zacks Investment Research lowered RigNet from a “hold” rating to a “sell” rating in a report on Wednesday, April 4th. Finally, ValuEngine upgraded RigNet from a “strong sell” rating to a “sell” rating in a report on Friday, March 9th. Three equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $17.00.
RNET stock opened at $14.20 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market cap of $264.05, a price-to-earnings ratio of -20.00 and a beta of 0.94. RigNet has a 1-year low of $12.70 and a 1-year high of $21.40.
RigNet (NASDAQ:RNET) last posted its earnings results on Tuesday, March 6th. The Wireless communications provider reported ($0.21) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.15) by ($0.06). The business had revenue of $56.81 million for the quarter, compared to the consensus estimate of $51.00 million. RigNet had a negative return on equity of 11.51% and a negative net margin of 7.92%. analysts predict that RigNet will post -0.64 earnings per share for the current year.
In other news, Director Charles Louis Iv Davis sold 12,000 shares of the business’s stock in a transaction dated Wednesday, March 28th. The stock was sold at an average price of $13.45, for a total value of $161,400.00. Following the sale, the director now directly owns 28,313 shares in the company, valued at $380,809.85. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company’s stock.
Large investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems acquired a new stake in shares of RigNet in the fourth quarter valued at about $102,000. SG Americas Securities LLC acquired a new stake in shares of RigNet in the fourth quarter valued at about $110,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp acquired a new stake in shares of RigNet in the fourth quarter valued at about $179,000. 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 valued at $190,000 after acquiring an additional 1,562 shares during the last quarter. Finally, Macquarie Group Ltd. acquired a new stake in shares of RigNet in the third quarter valued at about $223,000. 90.92% of the stock is currently owned by institutional investors and hedge funds.
RigNet Company Profile
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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