RigNet, Inc. (NASDAQ:RNET) was downgraded by equities researchers at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

A number of other brokerages have also recently weighed in on RNET. Zacks Investment Research cut RigNet from a “hold” rating to a “sell” rating in a research report on Wednesday, May 10th. ValuEngine upgraded RigNet from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Finally, Simmons upped their price target on RigNet from $17.00 to $19.00 and gave the company a “neutral” rating in a research report on Monday, July 3rd. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $20.33.

Shares of RigNet (NASDAQ RNET) traded down 3.55% during midday trading on Wednesday, hitting $14.95. 22,484 shares of the company were exchanged. The company’s 50 day moving average price is $17.60 and its 200 day moving average price is $18.38. RigNet has a one year low of $11.98 and a one year high of $23.90. The firm’s market cap is $272.37 million.

RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.18. RigNet had a negative net margin of 5.69% and a negative return on equity of 9.98%. The company had revenue of $49.16 million during the quarter, compared to the consensus estimate of $49.37 million. During the same quarter last year, the company earned ($0.27) earnings per share. The business’s revenue was down 10.5% on a year-over-year basis. Equities analysts expect that RigNet will post ($0.20) EPS for the current year.

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In other news, Director Charles Louis Iv Davis sold 1,750 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $16.87, for a total transaction of $29,522.50. Following the sale, the director now owns 43,313 shares in the company, valued at $730,690.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.20% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake 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 valued at $50,872,000 after buying an additional 226,509 shares during the last quarter. Stephens Investment Management Group LLC boosted its stake 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 valued at $15,031,000 after buying an additional 11,780 shares during the last quarter. Credit Agricole S A acquired a new stake in shares of RigNet during the first quarter valued at approximately $72,096,000. OppenheimerFunds Inc. boosted its stake in shares of RigNet by 0.3% in the first quarter. OppenheimerFunds Inc. now owns 543,482 shares of the Wireless communications provider’s stock valued at $11,657,000 after buying an additional 1,607 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of RigNet by 8.8% in the first quarter. Renaissance Technologies LLC now owns 468,600 shares of the Wireless communications provider’s stock valued at $10,051,000 after buying an additional 38,000 shares during the last quarter. Institutional investors own 98.41% of the company’s stock.

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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