BidaskClub Upgrades RigNet (RNET) to Hold

RigNet (NASDAQ:RNET) was upgraded by stock analysts at BidaskClub from a “sell” rating to a “hold” rating in a report issued on Tuesday.

RNET has been the subject of several other reports. ValuEngine downgraded shares of RigNet from a “hold” rating to a “sell” rating in a research report on Thursday, November 9th. Piper Jaffray Companies set a $17.00 price objective on shares of RigNet and gave the company a “hold” rating in a research report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $19.33.

RigNet (NASDAQ:RNET) opened at $15.20 on Tuesday. RigNet has a 1 year low of $14.30 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.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Skandinaviska Enskilda Banken AB publ grew its stake in shares of RigNet by 10.1% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 808,089 shares of the Wireless communications provider’s stock worth $13,899,000 after buying an additional 74,090 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of RigNet by 58.7% during the third quarter. JPMorgan Chase & Co. now owns 455,175 shares of the Wireless communications provider’s stock worth $7,988,000 after buying an additional 168,275 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of RigNet by 8.6% during the third quarter. Dimensional Fund Advisors LP now owns 433,126 shares of the Wireless communications provider’s stock worth $7,450,000 after buying an additional 34,420 shares during the last quarter. State Street Corp grew its stake in shares of RigNet by 11.8% during the second quarter. State Street Corp now owns 244,028 shares of the Wireless communications provider’s stock worth $3,914,000 after buying an additional 25,741 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of RigNet by 29.6% during the second quarter. Northern Trust Corp now owns 202,852 shares of the Wireless communications provider’s stock worth $3,256,000 after buying an additional 46,311 shares during the last quarter. 92.25% of the stock is currently owned by hedge funds and other institutional investors.

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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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