RigNet (RNET) Cut to “Hold” at BidaskClub
BidaskClub lowered shares of RigNet (NASDAQ:RNET) from a buy rating to a hold rating in a report issued on Friday.
Several other equities analysts also recently weighed in on the company. ValuEngine upgraded RigNet from a hold rating to a buy rating in a research report on Tuesday, October 2nd. Maxim Group restated a buy rating and issued a $24.00 target price (up previously from $20.00) on shares of RigNet in a research report on Friday, September 7th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. RigNet currently has an average rating of Hold and an average target price of $19.50.
Shares of RNET stock opened at $17.36 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.75 and a quick ratio of 1.75. RigNet has a 12-month low of $10.02 and a 12-month high of $24.05.
In other news, insider Brendan Sullivan sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $13.00, for a total value of $26,000.00. Following the transaction, the insider now owns 3,809 shares in the company, valued at $49,517. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Tonya Maumus Mcdermott sold 10,576 shares of the stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $21.80, for a total value of $230,556.80. The disclosure for this sale can be found here. In the last 90 days, insiders bought 257,392 shares of company stock worth $3,829,491 and sold 14,718 shares worth $289,512. Company insiders own 2.30% of the company’s stock.
Large investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC acquired a new stake in shares of RigNet in the second quarter valued at approximately $110,000. Tower Research Capital LLC TRC increased its holdings in shares of RigNet by 473.4% in the second quarter. Tower Research Capital LLC TRC now owns 15,332 shares of the Wireless communications provider’s stock valued at $158,000 after purchasing an additional 12,658 shares during the last quarter. Trexquant Investment LP acquired a new stake in shares of RigNet in the second quarter valued at approximately $169,000. Schwab Charles Investment Management Inc. increased its holdings in shares of RigNet by 37.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 85,716 shares of the Wireless communications provider’s stock valued at $883,000 after purchasing an additional 23,323 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of RigNet by 13.8% in the second quarter. Dimensional Fund Advisors LP now owns 588,183 shares of the Wireless communications provider’s stock valued at $6,058,000 after purchasing an additional 71,460 shares during the last quarter. 86.08% of the stock is owned by hedge funds and other institutional investors.
RigNet Company Profile
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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