RigNet (NASDAQ:RNET) Cut to Sell at Zacks Investment Research

RigNet (NASDAQ:RNET) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, April 4th.

According to Zacks, “RigNet, Inc is engaged in providing data network infrastructure serving the remote communications needs of the oil and gas industry. The Company delivers voice, data, video and other value-added services such as real-time management services through a Internet Protocol/Multiprotocol Label Switching, or IP/MPLS, global network. RigNet operates its business through three reportable segments: eastern hemisphere, western hemisphere and U.S. land. The eastern hemisphere segment provides services outside USA in the eastern part; western hemisphere provides services outside USA in the western part; while the U.S. land segment offers services to facilities located onshore in North America. RigNet, Inc is headquartered in Houston, Texas. “

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RNET has been the topic of a number of other research reports. BidaskClub upgraded RigNet from a “sell” rating to a “hold” rating in a research report on Friday, December 22nd. ValuEngine cut RigNet from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Finally, Wells Fargo set a $15.00 price target on RigNet and gave the company a “hold” rating in a report on Thursday, March 8th. Three investment analysts have rated the stock with a sell rating and three have issued a hold rating to the company. RigNet has a consensus rating of “Hold” and a consensus target price of $17.00.

Shares of RNET traded down $0.10 during mid-day trading on Wednesday, reaching $14.40. The company had a trading volume of 6,064 shares, compared to its average volume of 28,205. RigNet has a 52-week low of $12.70 and a 52-week high of $21.74. The company has a quick ratio of 2.11, a current ratio of 2.11 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $245.65, a price-to-earnings ratio of -20.63 and a beta of 0.94.

RigNet (NASDAQ:RNET) last issued its earnings results on Tuesday, March 6th. The Wireless communications provider reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.06). The company had revenue of $56.81 million during the quarter, compared to analysts’ expectations of $51.00 million. RigNet had a negative return on equity of 11.51% and a negative net margin of 7.92%. equities analysts anticipate that RigNet will post -0.64 EPS for the current fiscal year.

In other RigNet news, Director Charles Louis Iv Davis sold 12,000 shares of the firm’s stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $13.45, for a total transaction of $161,400.00. Following the completion of the sale, the director now owns 28,313 shares of the company’s stock, valued at $380,809.85. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.30% of the stock is owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems purchased a new stake in RigNet during the 4th quarter worth about $102,000. SG Americas Securities LLC purchased a new stake in RigNet during the 4th quarter worth about $110,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new stake in RigNet during the 4th quarter worth about $179,000. The Manufacturers Life Insurance Company lifted its holdings in RigNet by 15.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after buying an additional 1,562 shares during the last quarter. Finally, Macquarie Group Ltd. purchased a new stake in RigNet during the 3rd quarter worth about $223,000. Hedge funds and other institutional investors own 90.92% of the company’s stock.

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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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