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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