RigNet, Inc. (NASDAQ:RNET) Position Decreased by Welch & Forbes LLC
Welch & Forbes LLC decreased its stake in shares of RigNet, Inc. (NASDAQ:RNET) by 32.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,784 shares of the Wireless communications provider’s stock after selling 6,261 shares during the period. Welch & Forbes LLC’s holdings in RigNet were worth $205,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. Highbridge Capital Management LLC acquired a new stake in shares of RigNet during the fourth quarter valued at $239,000. Credit Agricole S A acquired a new stake in shares of RigNet during the first quarter valued at $72,096,000. Alambic Investment Management L.P. increased its stake in shares of RigNet by 9.5% in the first quarter. Alambic Investment Management L.P. now owns 36,883 shares of the Wireless communications provider’s stock valued at $791,000 after buying an additional 3,200 shares in the last quarter. OppenheimerFunds Inc. increased its stake in shares of RigNet by 0.3% in the first quarter. OppenheimerFunds Inc. now owns 543,482 shares of the Wireless communications provider’s stock valued at $11,657,000 after buying an additional 1,607 shares in the last quarter. Finally, Trexquant Investment LP acquired a new stake in shares of RigNet during the first quarter valued at $456,000. Institutional investors own 99.53% of the company’s stock.
RigNet, Inc. (RNET) opened at 19.30 on Tuesday. The firm’s market capitalization is $347.94 million. RigNet, Inc. has a 1-year low of $11.03 and a 1-year high of $23.90. The company has a 50-day moving average price of $17.27 and a 200-day moving average price of $18.64.
RigNet (NASDAQ:RNET) last posted its quarterly earnings data on Monday, May 8th. The Wireless communications provider reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.02. RigNet had a negative net margin of 5.79% and a negative return on equity of 10.36%. The company had revenue of $48.10 million for the quarter, compared to the consensus estimate of $49.46 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The business’s revenue was down 22.8% compared to the same quarter last year. On average, equities research analysts predict that RigNet, Inc. will post ($0.21) earnings per share for the current fiscal year.
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Several analysts have recently weighed in on RNET shares. Zacks Investment Research downgraded RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. BidaskClub upgraded RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. ValuEngine upgraded RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Finally, Simmons lifted their price target on RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $20.33.
In other news, Director Charles Louis Iv Davis sold 1,750 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $16.87, for a total transaction of $29,522.50. Following the transaction, the director now owns 43,313 shares in the company, valued at approximately $730,690.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.
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).
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