ValuEngine upgraded shares of RigNet, Inc. (NASDAQ:RNET) from a sell rating to a hold rating in a research report report published on Monday.

A number of other equities research analysts have also issued reports on the company. Zacks Investment Research raised RigNet from a sell rating to a hold rating in a research report on Wednesday, July 19th. BidaskClub raised RigNet from a strong sell rating to a sell rating in a research report on Tuesday, July 11th. Finally, Simmons increased their price target on RigNet from $17.00 to $19.00 and gave the company a neutral rating in a research report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $20.33.

RigNet (RNET) traded up 0.79% during midday trading on Monday, reaching $19.15. 3,419 shares of the company’s stock were exchanged. The firm’s 50 day moving average is $16.95 and its 200 day moving average is $18.76. The firm’s market capitalization is $345.24 million. RigNet has a 52 week low of $10.86 and a 52 week high of $23.90.

RigNet (NASDAQ:RNET) last posted its earnings results on Monday, May 8th. The Wireless communications provider reported ($0.11) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.13) by $0.02. RigNet had a negative return on equity of 10.36% and a negative net margin of 5.79%. The firm had revenue of $48.10 million for the quarter, compared to analyst estimates of $49.46 million. During the same quarter in the prior year, the company earned ($0.08) EPS. RigNet’s revenue was down 22.8% on a year-over-year basis. On average, equities analysts anticipate that RigNet will post ($0.21) earnings per share for the current year.

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In other RigNet news, Director Charles Louis Iv Davis sold 1,750 shares of the stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $16.87, for a total value of $29,522.50. Following the sale, the director now owns 43,313 shares of the company’s stock, valued at approximately $730,690.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Strs Ohio raised its stake in RigNet by 96.9% in the second quarter. Strs Ohio now owns 38,000 shares of the Wireless communications provider’s stock worth $609,000 after buying an additional 18,700 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in RigNet by 21.9% in the first quarter. Goldman Sachs Group Inc. now owns 34,921 shares of the Wireless communications provider’s stock worth $749,000 after buying an additional 6,273 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in RigNet during the first quarter worth about $223,000. Schwab Charles Investment Management Inc. raised its stake in RigNet by 5.9% in the first quarter. Schwab Charles Investment Management Inc. now owns 46,103 shares of the Wireless communications provider’s stock worth $989,000 after buying an additional 2,565 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in RigNet by 8.8% in the first quarter. Renaissance Technologies LLC now owns 468,600 shares of the Wireless communications provider’s stock worth $10,051,000 after buying an additional 38,000 shares in the last quarter. 99.32% of the stock is currently owned by institutional investors.

RigNet Company Profile

RigNet, Inc (RigNet) provides customized systems and solutions serving customers with data networking and operational requirements. The Company provides voice and data network, video conferencing and monitoring, crew welfare, asset and weather monitoring, and real-time data services. It operates through two segments: Managed Services, and Systems Integration and Automation (SI&A).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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