RigNet, Inc. (RNET) Position Boosted by Geode Capital Management LLC
Geode Capital Management LLC increased its position in shares of RigNet, Inc. (NASDAQ:RNET) by 3.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 96,748 shares of the Wireless communications provider’s stock after buying an additional 3,071 shares during the period. Geode Capital Management LLC owned approximately 0.54% of RigNet worth $2,075,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of RNET. Credit Agricole S A bought a new position in shares of RigNet during the first quarter worth about $72,096,000. FMR LLC raised its position in shares of RigNet by 10.6% in the first quarter. FMR LLC now owns 2,371,641 shares of the Wireless communications provider’s stock worth $50,872,000 after buying an additional 226,509 shares during the last quarter. TFS Capital LLC raised its position in shares of RigNet by 140.5% in the first quarter. TFS Capital LLC now owns 53,882 shares of the Wireless communications provider’s stock worth $1,156,000 after buying an additional 31,481 shares during the last quarter. Trexquant Investment LP bought a new position in shares of RigNet during the first quarter worth about $456,000. Finally, Stephens Investment Management Group LLC raised its position in shares of RigNet by 1.7% in the first quarter. Stephens Investment Management Group LLC now owns 700,769 shares of the Wireless communications provider’s stock worth $15,031,000 after buying an additional 11,780 shares during the last quarter. Institutional investors and hedge funds own 91.25% of the company’s stock.
RigNet, Inc. (NASDAQ RNET) traded down 1.61% during mid-day trading on Monday, hitting $15.30. 11,324 shares of the stock traded hands. The stock’s market cap is $278.75 million. The company has a 50 day moving average of $17.29 and a 200-day moving average of $18.15. RigNet, Inc. has a 12-month low of $11.98 and a 12-month high of $23.90.
RigNet (NASDAQ:RNET) last announced its quarterly earnings data on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by $0.18. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The firm had revenue of $49.16 million for the quarter, compared to the consensus estimate of $49.37 million. During the same quarter last year, the business earned ($0.27) earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. Equities research analysts forecast that RigNet, Inc. will post ($0.44) earnings per share for the current year.
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RNET has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, July 19th. Simmons upped their price target on shares of RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research note on Monday, July 3rd. BidaskClub upgraded shares of RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Piper Jaffray Companies set a $17.00 price target on shares of RigNet and gave the company a “hold” rating in a research note on Wednesday, August 16th. Finally, ValuEngine upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $19.50.
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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