RigNet (RNET) Rating Lowered to Sell at BidaskClub

RigNet (NASDAQ:RNET) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other brokerages also recently weighed in on RNET. ValuEngine upgraded RigNet from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Maxim Group restated a “buy” rating and set a $24.00 target price (up previously from $20.00) on shares of RigNet in a research note on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the stock. RigNet has a consensus rating of “Hold” and an average price target of $19.50.

Shares of NASDAQ:RNET opened at $15.00 on Friday. RigNet has a twelve month low of $10.02 and a twelve month high of $24.05. The company has a debt-to-equity ratio of 0.63, a quick ratio of 2.27 and a current ratio of 2.27.

RigNet (NASDAQ:RNET) last announced its earnings results on Thursday, November 8th. The Wireless communications provider reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.01. RigNet had a negative return on equity of 14.44% and a negative net margin of 7.84%. The firm had revenue of $64.77 million during the quarter.

In related news, CFO Tonya Maumus Mcdermott sold 10,576 shares of the stock in a transaction that occurred on Friday, September 14th. The stock was sold at an average price of $21.80, for a total transaction of $230,556.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Keith Olsen sold 2,700 shares of the stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $17.02, for a total value of $45,954.00. Following the sale, the director now owns 18,487 shares of the company’s stock, valued at approximately $314,648.74. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,306 shares of company stock valued at $326,718. 2.30% of the stock is owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in shares of RigNet by 6.2% in the 2nd quarter. FMR LLC now owns 2,904,526 shares of the Wireless communications provider’s stock worth $29,917,000 after acquiring an additional 170,747 shares during the period. BlackRock Inc. lifted its position in shares of RigNet by 1.6% in the 3rd quarter. BlackRock Inc. now owns 952,948 shares of the Wireless communications provider’s stock worth $19,393,000 after acquiring an additional 15,082 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in shares of RigNet by 15.6% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 934,089 shares of the Wireless communications provider’s stock worth $19,009,000 after acquiring an additional 126,000 shares during the period. Vanguard Group Inc. lifted its position in shares of RigNet by 11.8% in the 3rd quarter. Vanguard Group Inc. now owns 631,985 shares of the Wireless communications provider’s stock worth $12,861,000 after acquiring an additional 66,515 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in shares of RigNet by 5.2% in the 3rd quarter. Dimensional Fund Advisors LP now owns 618,727 shares of the Wireless communications provider’s stock worth $12,590,000 after acquiring an additional 30,544 shares during the period. Institutional investors own 88.90% of the company’s stock.

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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