RigNet Inc. (RNET) Trading 2.3% Higher
RigNet Inc. (NASDAQ:RNET) traded up 2.3% during mid-day trading on Tuesday . The stock 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.
Several equities research analysts recently issued reports on the stock. Oppenheimer Holdings Inc. restated a “market perform” rating on shares of RigNet in a research report on Wednesday. Jefferies Group restated a “buy” rating and set a $14.00 price objective (down from $16.00) on shares of RigNet in a research report on Saturday, August 13th. Zacks Investment Research cut shares of RigNet from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 13th. Finally, Sidoti upgraded shares of RigNet from a “neutral” rating to a “buy” rating and set a $14.00 price objective for the company in a research report on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $14.67.
The company’s market capitalization is $222.75 million. The firm’s 50 day moving average price is $12.51 and its 200 day moving average price is $13.01.
RigNet (NASDAQ:RNET) last issued its earnings results on Monday, August 8th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of $0.02 by $0.29. During the same quarter in the prior year, the firm earned $0.34 EPS. The business had revenue of $54.91 million for the quarter, compared to the consensus estimate of $58.50 million. The business’s quarterly revenue was down 26.9% on a year-over-year basis. On average, equities analysts anticipate that RigNet Inc. will post $0.16 EPS for the current year.
In related news, Director Charles Louis Iv Davis sold 3,500 shares of the business’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $12.42, for a total value of $43,470.00. Following the sale, the director now directly owns 42,406 shares in the company, valued at approximately $526,682.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Martin L. Jimmerson sold 29,192 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $12.51, for a total transaction of $365,191.92. Following the completion of the sale, the chief executive officer now owns 67,932 shares in the company, valued at $849,829.32. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in RigNet stock. Stephens Investment Management Group LLC raised its stake in RigNet Inc. (NASDAQ:RNET) by 13.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 455,229 shares of the company’s stock after buying an additional 54,635 shares during the period. Stephens Investment Management Group LLC owned about 2.56% of RigNet worth $9,419,000 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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