RigNet Inc. (RNET) Trading 2.3% Higher
RigNet Inc. (NASDAQ:RNET)’s share price rose 2.3% during mid-day trading on Tuesday . The company traded as high as $12.42 and last traded at $12.42, with a volume of 75,319 shares traded. The stock had previously closed at $12.14.
RNET has been the subject of a number of recent research reports. Jefferies Group reaffirmed a “buy” rating and issued a $14.00 target price (down previously from $16.00) on shares of RigNet in a report on Saturday. Sidoti raised RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a research note on Tuesday, June 28th. Zacks Investment Research raised RigNet from a “sell” rating to a “hold” rating in a research note on Tuesday, July 19th. Finally, Oppenheimer Holdings Inc. reissued a “hold” rating on shares of RigNet in a research note on Tuesday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $14.67.
The stock has a 50-day moving average of $12.49 and a 200 day moving average of $13.03. The stock’s market cap is $222.58 million.
RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, August 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by $0.29. During the same quarter in the previous year, the company posted $0.34 EPS. The company earned $54.91 million during the quarter, compared to the consensus estimate of $58.50 million. RigNet’s revenue for the quarter was down 26.9% compared to the same quarter last year. Equities research analysts expect that RigNet Inc. will post ($0.01) EPS for the current year.
In related news, Director Kevin C. Mulloy sold 3,700 shares of the company’s stock in a transaction that occurred on Tuesday, May 31st. The stock was sold at an average price of $12.80, for a total value of $47,360.00. Following the transaction, the director now directly owns 3,702 shares of the company’s stock, valued at approximately $47,385.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Louis Iv Davis sold 3,500 shares of the company’s stock in a transaction that occurred on Thursday, May 26th. The shares were sold at an average price of $12.42, for a total value of $43,470.00. Following the completion of the transaction, the director now directly owns 42,406 shares in the company, valued at $526,682.52. The disclosure for this sale can be found here.
An institutional investor recently raised its position in RigNet stock. Dimensional Fund Advisors LP raised its stake in shares of RigNet Inc. (NASDAQ:RNET) by 7.7% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 315,248 shares of the company’s stock after buying an additional 22,449 shares during the period. Dimensional Fund Advisors LP owned approximately 1.78% of RigNet worth $6,522,000 as of its most recent filing with the SEC.
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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