BidaskClub upgraded shares of RigNet (NASDAQ:RNET) from a sell rating to a hold rating in a research note published on Friday morning.

Separately, ValuEngine cut RigNet from a hold rating to a sell rating in a report on Friday, October 20th. 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 stock. RigNet presently has an average rating of Hold and an average price target of $19.33.

RigNet (RNET) traded down $0.70 on Friday, hitting $15.50. The stock had a trading volume of 25,806 shares, compared to its average volume of 32,243. The stock has a market cap of $295.25, a PE ratio of -19.62 and a beta of 0.89. RigNet has a 1 year low of $14.01 and a 1 year high of $23.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 1.97.

Hedge funds have recently modified their holdings of the stock. American Century Companies Inc. purchased a new stake in RigNet during the 3rd quarter valued at about $174,000. The Manufacturers Life Insurance Company boosted its holdings in RigNet by 15.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock valued at $190,000 after acquiring an additional 1,562 shares during the period. Macquarie Group Ltd. bought a new position in RigNet during the 3rd quarter valued at approximately $223,000. Citigroup Inc. raised its position in RigNet by 48.9% during the 2nd quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock valued at $250,000 after purchasing an additional 5,127 shares during the last quarter. Finally, Wells Fargo & Company MN raised its position in RigNet by 53.1% during the 3rd quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock valued at $271,000 after purchasing an additional 5,475 shares during the last quarter. Institutional investors own 92.25% of the company’s stock.

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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).

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