BidaskClub Lowers RigNet (RNET) to Strong Sell

BidaskClub cut shares of RigNet (NASDAQ:RNET) from a sell rating to a strong sell rating in a research report released on Friday morning.

Several other brokerages have also recently weighed in on RNET. ValuEngine cut RigNet from a hold rating to a sell rating in a report on Thursday, November 9th. Wells Fargo & Co assumed coverage on RigNet in a report on Tuesday, January 30th. They set a market perform rating and a $18.00 price objective for the company. Two 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’s stock. The stock currently has an average rating of Hold and a consensus target price of $19.00.

Shares of RigNet (NASDAQ RNET) opened at $14.35 on Friday. The firm has a market capitalization of $261.53, a PE ratio of -18.16 and a beta of 0.95. RigNet has a twelve month low of $13.70 and a twelve month high of $22.91. The company has a current ratio of 1.98, a quick ratio of 1.97 and a debt-to-equity ratio of 0.46.

Several hedge funds have recently made changes to their positions in RNET. JPMorgan Chase & Co. increased its stake in shares of RigNet by 58.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 455,175 shares of the Wireless communications provider’s stock valued at $7,988,000 after acquiring an additional 168,275 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its stake in shares of RigNet by 10.1% in the 3rd quarter. Skandinaviska Enskilda Banken AB publ now owns 808,089 shares of the Wireless communications provider’s stock valued at $13,899,000 after acquiring an additional 74,090 shares during the last quarter. Millennium TVP Management Co. LLC bought a new stake in shares of RigNet in the 3rd quarter valued at about $1,104,000. Northern Trust Corp increased its stake in shares of RigNet by 29.6% in the 2nd quarter. Northern Trust Corp now owns 202,852 shares of the Wireless communications provider’s stock valued at $3,256,000 after acquiring an additional 46,311 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of RigNet by 8.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 433,126 shares of the Wireless communications provider’s stock valued at $7,450,000 after acquiring an additional 34,420 shares during the last quarter. 91.80% of the stock is owned by institutional investors.

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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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BidaskClub Lowers RigNet (RNET) to Strong Sell

BidaskClub cut shares of RigNet (NASDAQ:RNET) from a sell rating to a strong sell rating in a research note released on Friday.

Several other research analysts also recently issued reports on the stock. ValuEngine downgraded shares of RigNet from a hold rating to a sell rating in a research report on Friday, October 20th. Wells Fargo & Co started coverage on shares of RigNet in a research report on Tuesday, January 30th. They set a market perform rating and a $18.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. RigNet presently has a consensus rating of Hold and a consensus target price of $19.00.

RigNet (NASDAQ RNET) opened at $14.35 on Friday. The stock has a market cap of $261.53, a PE ratio of -18.16 and a beta of 0.95. The company has a current ratio of 1.98, a quick ratio of 1.97 and a debt-to-equity ratio of 0.46. RigNet has a 52-week low of $13.70 and a 52-week high of $22.91.

A number of large investors have recently made changes to their positions in the business. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp bought a new stake in RigNet during the 4th quarter worth about $179,000. Stone Ridge Asset Management LLC bought a new stake in RigNet during the 4th quarter worth about $407,000. Deutsche Bank AG raised its holdings in RigNet by 149.7% during the 4th quarter. Deutsche Bank AG now owns 29,494 shares of the Wireless communications provider’s stock worth $440,000 after purchasing an additional 17,681 shares during the last quarter. Renaissance Technologies LLC raised its holdings in RigNet by 1.8% during the 4th quarter. Renaissance Technologies LLC now owns 586,600 shares of the Wireless communications provider’s stock worth $8,770,000 after purchasing an additional 10,100 shares during the last quarter. Finally, Ramsey Quantitative Systems bought a new stake in RigNet during the 4th quarter worth about $102,000. 91.80% of the stock is owned by hedge funds and other institutional investors.

COPYRIGHT VIOLATION NOTICE: This report was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this report on another publication, it was illegally stolen and republished in violation of US and international trademark & copyright law. The original version of this report can be accessed at https://ledgergazette.com/2018/02/19/bidaskclub-lowers-rignet-rnet-to-strong-sell.html.

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).

Receive News & Ratings for RigNet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RigNet and related companies with MarketBeat.com's FREE daily email newsletter.

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