ValuEngine Downgrades RigNet, Inc. (RNET) to Sell
RigNet, Inc. (NASDAQ:RNET) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Thursday.
Other equities research analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Wednesday, July 19th. Piper Jaffray Companies set a $17.00 price objective on shares of RigNet and gave the stock a “hold” rating in a report on Wednesday, August 16th. Finally, BidaskClub lowered shares of RigNet from a “hold” rating to a “sell” rating in a report on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $19.33.
Shares of RigNet (NASDAQ RNET) traded up $0.15 on Thursday, hitting $15.10. 34,900 shares of the stock were exchanged, compared to its average volume of 28,212. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 2.50. RigNet has a 1 year low of $14.30 and a 1 year high of $23.90.
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In related news, Director Charles Louis Iv Davis sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total transaction of $48,750.00. Following the completion of the sale, the director now directly owns 40,313 shares in the company, valued at approximately $655,086.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.20% of the company’s stock.
A number of large investors have recently bought and sold shares of the stock. Wells Fargo & Company MN raised its holdings in RigNet by 53.1% during 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 during the last quarter. JPMorgan Chase & Co. raised its holdings in RigNet by 58.7% during 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 during the last quarter. Macquarie Group Ltd. bought a new stake in RigNet during the 3rd quarter valued at $223,000. Millennium TVP Management Co. LLC bought a new stake in RigNet during the 3rd quarter valued at $1,104,000. Finally, American Century Companies Inc. bought a new stake in RigNet during the 3rd quarter valued at $174,000. Institutional investors own 90.83% of the company’s stock.
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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