Shares of RigNet Inc (NASDAQ:RNET) reached a new 52-week low on Thursday . The company traded as low as $11.45 and last traded at $11.75, with a volume of 3665 shares traded. The stock had previously closed at $11.65.
A number of analysts have weighed in on RNET shares. Maxim Group started coverage on RigNet in a research report on Thursday, June 14th. They set a “buy” rating and a $19.00 price objective for the company. Wells Fargo & Co set a $15.00 price objective on RigNet and gave the stock a “hold” rating in a research report on Thursday, March 8th. Zacks Investment Research raised RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, May 9th. BidaskClub raised RigNet from a “strong sell” rating to a “sell” rating in a research report on Saturday, April 14th. Finally, ValuEngine raised RigNet from a “strong sell” rating to a “sell” rating in a research report on Friday, March 9th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the stock. RigNet has an average rating of “Hold” and a consensus target price of $17.50.
The company has a debt-to-equity ratio of 0.46, a current ratio of 1.95 and a quick ratio of 1.95. The firm has a market cap of $226.55 million, a P/E ratio of -16.83 and a beta of 0.86.
RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, May 7th. The Wireless communications provider reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.09). The business had revenue of $53.83 million during the quarter. RigNet had a negative net margin of 9.38% and a negative return on equity of 13.83%. research analysts anticipate that RigNet Inc will post -0.64 EPS for the current year.
In other news, Director Charles Louis Iv Davis sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 28th. The stock was sold at an average price of $13.45, for a total value of $161,400.00. Following the completion of the sale, the director now directly owns 28,313 shares of the company’s stock, valued at approximately $380,809.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ramsey Quantitative Systems purchased a new position in RigNet in the 4th quarter valued at approximately $102,000. SG Americas Securities LLC purchased a new position in RigNet in the 4th quarter valued at approximately $110,000. Matarin Capital Management LLC purchased a new position in RigNet in the 1st quarter valued at approximately $170,000. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp purchased a new position in RigNet in the 4th quarter valued at approximately $179,000. Finally, Wells Fargo & Company MN increased its stake in RigNet by 30.1% in the 4th quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock valued at $307,000 after purchasing an additional 4,749 shares in the last quarter. 86.73% of the stock is owned by hedge funds and other institutional investors.
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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