RigNet (RNET) Raised to “Sell” at BidaskClub
BidaskClub upgraded shares of RigNet (NASDAQ:RNET) from a strong sell rating to a sell rating in a research note issued to investors on Saturday morning.
Other analysts have also issued reports about the company. Wells Fargo set a $15.00 price objective on RigNet and gave the company a hold rating in a report on Thursday, March 8th. Zacks Investment Research lowered RigNet from a hold rating to a sell rating in a report on Wednesday, April 4th. Finally, ValuEngine raised RigNet from a strong sell rating to a sell rating in a report on Friday, March 9th. Three research analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The stock has an average rating of Hold and an average price target of $17.00.
Shares of NASDAQ RNET opened at $14.05 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 2.11 and a current ratio of 2.11. The stock has a market cap of $261.29, a PE ratio of -19.79 and a beta of 0.93. RigNet has a 1 year low of $12.70 and a 1 year high of $21.40.
In related news, Director Charles Louis Iv Davis sold 8,000 shares of the business’s stock in a transaction dated Monday, March 19th. The stock was sold at an average price of $13.51, for a total value of $108,080.00. Following the completion of the sale, the director now directly owns 32,313 shares of the company’s stock, valued at $436,548.63. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the business. The Manufacturers Life Insurance Company boosted its stake in RigNet by 15.2% in the second 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. BlackRock Inc. boosted its stake in RigNet by 0.5% in the fourth quarter. BlackRock Inc. now owns 870,221 shares of the Wireless communications provider’s stock valued at $13,010,000 after acquiring an additional 4,459 shares during the period. Wells Fargo & Company MN boosted its stake in RigNet by 30.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock valued at $307,000 after acquiring an additional 4,749 shares during the period. Ramsey Quantitative Systems acquired a new position in RigNet in the fourth quarter valued at approximately $102,000. Finally, SG Americas Securities LLC acquired a new position in RigNet in the fourth quarter valued at approximately $110,000. Institutional investors own 90.92% of the company’s stock.
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RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.
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