RigNet Inc. (RNET) Shares Down 2.1%
Shares of RigNet Inc. (NASDAQ:RNET) were down 2.1% during trading on Monday . The stock traded as low as $13.05 and last traded at $13.21, with a volume of 60,979 shares. The stock had previously closed at $13.49.
Several research firms have recently issued reports on RNET. Oppenheimer Holdings Inc. reaffirmed a “hold” rating on shares of RigNet in a report on Tuesday, May 10th. Sidoti raised RigNet from a “neutral” rating to a “buy” rating and set a $14.00 target price for the company in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $15.33.
The stock’s market capitalization is $234.06 million. The firm’s 50-day moving average is $12.46 and its 200 day moving average is $13.56.
RigNet (NASDAQ:RNET) last issued its earnings results on Monday, May 9th. The company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.06 by $0.46. The firm earned $62.30 million during the quarter, compared to the consensus estimate of $58.91 million. The company’s quarterly revenue was down 19.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. On average, equities research analysts predict that RigNet Inc. will post $0.06 EPS for the current year.
In other RigNet news, Director Charles Louis Iv Davis sold 3,500 shares of the stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $12.42, for a total transaction of $43,470.00. Following the completion of the transaction, the director now owns 42,406 shares of the company’s stock, valued at approximately $526,682.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Martin L. Jimmerson sold 28,683 shares of the stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $12.59, for a total transaction of $361,118.97. Following the transaction, the chief executive officer now directly owns 39,674 shares of the company’s stock, valued at approximately $499,495.66. The disclosure for this sale can be found here.
Several hedge funds and institutional investors recently added to or reduced their stakes in the stock. Rutabaga Capital Management LLC MA increased its position in RigNet by 11.4% in the fourth quarter. Rutabaga Capital Management LLC MA now owns 1,020,384 shares of the company’s stock valued at $21,112,000 after buying an additional 104,765 shares during the period. Stephens Investment Management Group LLC boosted its stake in shares of RigNet by 13.6% in the fourth quarter. Stephens Investment Management Group LLC now owns 455,229 shares of the company’s stock valued at $9,419,000 after buying an additional 54,635 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of RigNet by 7.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 315,248 shares of the company’s stock valued at $6,522,000 after buying an additional 22,449 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in shares of RigNet by 4.8% in the fourth quarter. OppenheimerFunds Inc. now owns 486,119 shares of the company’s stock valued at $10,058,000 after buying an additional 22,419 shares in the last quarter.
RigNet, Inc is a provider of digital technology solutions to the oil and gas industry. The Company delivers voice, data, video and other collaborative services through an Internet protocol/multiprotocol label switching (IP/MPLS) global network. It operates through three segments: Eastern Hemisphere, Western Hemisphere and Telecoms Systems Integration (TSI).
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