RigNet (RNET) Rating Lowered to Hold at BidaskClub

RigNet (NASDAQ:RNET) was downgraded by equities research analysts at BidaskClub from a “buy” rating to a “hold” rating in a note issued to investors on Friday, October 19th.

Several other equities research analysts have also recently weighed in on the company. ValuEngine upgraded RigNet from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Maxim Group reiterated a “buy” rating and issued a $24.00 target price (up from $20.00) on shares of RigNet in a report on Friday, September 7th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. RigNet presently has a consensus rating of “Hold” and a consensus target price of $19.50.

Shares of RNET stock traded down $0.79 during mid-day trading on Friday, hitting $17.83. The stock had a trading volume of 61,266 shares, compared to its average volume of 63,430. RigNet has a 12-month low of $10.02 and a 12-month high of $24.05. 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 (NASDAQ:RNET) last issued its earnings results on Thursday, November 8th. The Wireless communications provider reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.16) by $0.01. RigNet had a negative return on equity of 14.04% and a negative net margin of 8.96%. The business had revenue of $64.77 million during the quarter.

In other RigNet news, major shareholder Digital Oilfield Investments L bought 13,402 shares of RigNet stock in a transaction that occurred on Monday, August 13th. The shares were bought at an average cost of $13.48 per share, with a total value of $180,658.96. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Tonya Maumus Mcdermott sold 10,576 shares of the company’s stock in a transaction dated Friday, September 14th. The shares were sold at an average price of $21.80, for a total value of $230,556.80. The disclosure for this sale can be found here. Over the last three months, insiders bought 257,392 shares of company stock valued at $3,829,491 and sold 12,718 shares valued at $263,512. Insiders own 2.30% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC acquired a new position in RigNet during the 2nd quarter valued at about $110,000. Tower Research Capital LLC TRC grew its stake in RigNet by 473.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 15,332 shares of the Wireless communications provider’s stock valued at $158,000 after purchasing an additional 12,658 shares during the last quarter. Trexquant Investment LP purchased a new stake in RigNet during the 2nd quarter valued at about $169,000. Schwab Charles Investment Management Inc. grew its stake in RigNet by 37.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 85,716 shares of the Wireless communications provider’s stock valued at $883,000 after purchasing an additional 23,323 shares during the last quarter. Finally, Russell Investments Group Ltd. purchased a new stake in RigNet during the 3rd quarter valued at about $973,000. 86.31% of the stock is currently owned by institutional investors.

About RigNet

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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