Alliancebernstein L.P. Has $391,000 Position in RigNet, Inc. (NASDAQ:RNET)
Alliancebernstein L.P. boosted its stake in shares of RigNet, Inc. (NASDAQ:RNET) by 3.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,250 shares of the Wireless communications provider’s stock after buying an additional 600 shares during the period. Alliancebernstein L.P.’s holdings in RigNet were worth $391,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. American International Group Inc. increased its position in shares of RigNet by 7.1% in the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock valued at $167,000 after buying an additional 516 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in shares of RigNet during the fourth quarter valued at approximately $239,000. Metropolitan Life Insurance Co. NY purchased a new position in shares of RigNet during the fourth quarter valued at approximately $246,000. Strs Ohio increased its position in shares of RigNet by 22.9% in the first quarter. Strs Ohio now owns 19,300 shares of the Wireless communications provider’s stock valued at $413,000 after buying an additional 3,600 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of RigNet during the first quarter valued at approximately $456,000. 99.53% of the stock is owned by hedge funds and other institutional investors.
RigNet, Inc. (NASDAQ RNET) traded down 1.20% during mid-day trading on Friday, hitting $16.40. 46,167 shares of the stock traded hands. The company’s market cap is $298.79 million. The company’s 50 day moving average is $17.63 and its 200 day moving average is $18.50. RigNet, Inc. has a 12 month low of $11.88 and a 12 month high of $23.90.
RigNet (NASDAQ:RNET) last posted its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.06) by $0.18. The firm had revenue of $49.16 million during the quarter, compared to the consensus estimate of $49.37 million. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.27) earnings per share. On average, analysts expect that RigNet, Inc. will post ($0.21) earnings per share for the current fiscal year.
Several research analysts have commented on RNET shares. ValuEngine raised shares of RigNet from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Zacks Investment Research raised shares of RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Simmons raised their price target on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a report on Monday, July 3rd. Finally, BidaskClub raised shares of RigNet from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. RigNet has an average rating of “Hold” and a consensus price target of $20.33.
In related news, Director Charles Louis Iv Davis sold 1,750 shares of the company’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $16.87, for a total transaction of $29,522.50. Following the completion of the transaction, the director now owns 43,313 shares in the company, valued at $730,690.31. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.
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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