RigNet (RNET) Rating Lowered to Sell at BidaskClub
RigNet (NASDAQ:RNET) was downgraded by BidaskClub from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
Several other analysts have also recently issued reports on the stock. ValuEngine cut shares of RigNet from a “hold” rating to a “sell” rating in a report on Thursday, November 9th. 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 for the company. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. RigNet has an average rating of “Hold” and a consensus target price of $19.00.
Shares of RigNet (RNET) opened at $14.85 on Wednesday. RigNet has a twelve month low of $14.01 and a twelve month high of $22.91. The stock has a market cap of $270.64, a P/E ratio of -18.80 and a beta of 0.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 1.97.
Several institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new position in shares of RigNet during the fourth quarter worth about $110,000. Skandinaviska Enskilda Banken AB publ grew its position in 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 buying an additional 74,090 shares in the last quarter. Dimensional Fund Advisors LP grew its position in 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 buying an additional 34,420 shares in the last quarter. Wells Fargo & Company MN grew its position in RigNet by 53.1% in the 3rd quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock valued at $271,000 after buying an additional 5,475 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its position in 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 buying an additional 168,275 shares in the last quarter. Institutional investors and hedge funds own 92.25% of the company’s stock.
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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