Shares of RigNet Inc (NASDAQ:RNET) have earned a consensus rating of “Hold” from the six analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $19.33.

A number of brokerages have recently issued reports on RNET. BidaskClub cut shares of RigNet from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. ValuEngine raised shares of RigNet from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Piper Jaffray Companies set a $17.00 target price on shares of RigNet and gave the company a “hold” rating in a report on Wednesday, August 16th. Finally, Zacks Investment Research raised shares of RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th.

RigNet (NASDAQ:RNET) opened at $16.70 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.50 and a current ratio of 2.50. RigNet has a 12 month low of $13.90 and a 12 month high of $23.90.

RigNet (NASDAQ:RNET) last issued its earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share (EPS) 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 net margin of 5.69% and a negative return on equity of 9.98%. The firm’s revenue for the quarter was down 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.27) earnings per share. sell-side analysts expect that RigNet will post -0.47 EPS for the current fiscal year.

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In other RigNet news, Director Charles Louis Iv Davis sold 3,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total value of $48,750.00. Following the transaction, the director now directly owns 40,313 shares of the company’s stock, valued at approximately $655,086.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.20% of the stock is owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in RNET. FMR LLC raised its holdings in RigNet by 10.6% in the 1st quarter. FMR LLC now owns 2,371,641 shares of the Wireless communications provider’s stock valued at $50,872,000 after acquiring an additional 226,509 shares during the period. AJO LP grew its position in shares of RigNet by 493.7% during the 2nd quarter. AJO LP now owns 116,240 shares of the Wireless communications provider’s stock worth $1,866,000 after purchasing an additional 96,661 shares in the last quarter. Millennium TVP Management Co. LLC acquired a new position in shares of RigNet during the 3rd quarter worth approximately $1,104,000. Algert Global LLC acquired a new position in shares of RigNet during the 2nd quarter worth approximately $804,000. Finally, Northern Trust Corp grew its position in shares of RigNet by 29.6% during the 2nd quarter. Northern Trust Corp now owns 202,852 shares of the Wireless communications provider’s stock worth $3,256,000 after purchasing an additional 46,311 shares in the last quarter. 90.94% of the stock is currently owned by hedge funds and other institutional investors.

About RigNet

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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