RigNet (NASDAQ:RNET) issued its quarterly earnings data on Thursday. The Wireless communications provider reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.01, Morningstar.com reports. The company 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%.
RigNet stock traded down $0.79 during mid-day trading on Friday, hitting $17.83. 61,266 shares of the company traded hands, compared to its average volume of 63,430. RigNet has a one year low of $10.02 and a one year 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.
Several brokerages recently commented on RNET. BidaskClub raised shares of RigNet from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, September 11th. ValuEngine raised shares of RigNet from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Finally, Maxim Group reaffirmed a “buy” rating and set a $24.00 price objective (up previously from $20.00) on shares of RigNet in a research note on Friday, September 7th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. RigNet currently has an average rating of “Hold” and an average target price of $19.50.
In related news, major shareholder Digital Oilfield Investments L bought 13,402 shares of the company’s stock in a transaction on Monday, August 13th. The stock was acquired at an average cost of $13.48 per share, for a total transaction of $180,658.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Fund Holdings Gp Ltd Kkr bought 42,089 shares of the company’s stock in a transaction on Friday, August 31st. The shares were 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. Insiders own 2.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Cubist Systematic Strategies LLC bought a new stake in RigNet during the second quarter valued at approximately $110,000. Tower Research Capital LLC TRC lifted its position in RigNet by 473.4% during the second 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 bought a new stake in RigNet during the second quarter valued at approximately $169,000. Schwab Charles Investment Management Inc. lifted its position in RigNet by 37.4% during the second 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. bought a new stake in RigNet during the third quarter valued at approximately $973,000. Institutional investors and hedge funds own 86.31% of the company’s stock.
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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