RigNet Inc. (RNET) Trading Up 2.9%
Shares of RigNet Inc. (NASDAQ:RNET) were up 2.9% on Tuesday . The company traded as high as $13.13 and last traded at $13.07, with a volume of 63,098 shares changing hands. The stock had previously closed at $12.70.
A number of equities analysts have recently commented on RNET shares. Zacks Investment Research cut RigNet from a “hold” rating to a “strong sell” rating in a report on Saturday, August 13th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of RigNet in a report on Wednesday, August 17th. Sidoti raised RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, June 28th. Finally, Jefferies Group reissued a “buy” rating and set a $14.00 price target (down previously from $16.00) on shares of RigNet in a report on Saturday, August 13th. Two 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 stock. The company presently has an average rating of “Hold” and a consensus price target of $14.67.
The stock has a 50-day moving average price of $12.48 and a 200 day moving average price of $12.97. The stock’s market capitalization is $230.59 million.
RigNet (NASDAQ:RNET) last released its earnings results on Monday, August 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.29. The business earned $54.91 million during the quarter, compared to analyst estimates of $58.50 million. During the same period in the prior year, the company earned $0.34 earnings per share. RigNet’s revenue was down 26.9% on a year-over-year basis. Equities analysts forecast that RigNet Inc. will post $0.16 earnings per share for the current year.
In other RigNet news, CEO Martin L. Jimmerson sold 29,192 shares of the firm’s stock in a transaction on Friday, May 27th. The stock was sold at an average price of $12.51, for a total value of $365,191.92. Following the completion of the sale, the chief executive officer now directly owns 67,932 shares of the company’s stock, valued at $849,829.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kevin C. Mulloy sold 3,700 shares of the firm’s stock in a transaction 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 completion of the sale, the director now directly owns 3,702 shares of the company’s stock, valued at $47,385.60. The disclosure for this sale can be found here.
An institutional investor recently raised its position in RigNet stock. Dimensional Fund Advisors LP increased its position in RigNet Inc. (NASDAQ:RNET) by 7.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 315,248 shares of the company’s stock after buying an additional 22,449 shares during the period. Dimensional Fund Advisors LP owned 1.78% of RigNet worth $6,522,000 at the end of the most recent reporting period.
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).