RigNet (RNET) Rating Lowered to Sell at BidaskClub
RigNet (NASDAQ:RNET) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a report released on Wednesday.
Other analysts have also recently issued reports about the stock. Wells Fargo & Co assumed coverage on shares of RigNet in a research note on Tuesday, January 30th. They set a “market perform” rating and a $18.00 price objective on the stock. ValuEngine cut shares of RigNet from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. RigNet presently has an average rating of “Hold” and a consensus price target of $19.00.
Shares of RigNet (NASDAQ RNET) opened at $13.85 on Wednesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 1.97. RigNet has a 52 week low of $13.70 and a 52 week high of $22.91.
Hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of RigNet during the fourth quarter worth approximately $110,000. American Century Companies Inc. acquired a new position in shares of RigNet during the third quarter worth approximately $174,000. The Manufacturers Life Insurance Company lifted its position in shares of RigNet by 15.2% during the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after purchasing an additional 1,562 shares in the last quarter. Macquarie Group Ltd. acquired a new position in shares of RigNet during the third quarter worth approximately $223,000. Finally, Citigroup Inc. lifted its position in shares of RigNet by 48.9% during the second quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock worth $250,000 after purchasing an additional 5,127 shares in the last quarter. Institutional investors own 92.25% 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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