ValuEngine Lowers RigNet, Inc. (RNET) to Sell

ValuEngine lowered shares of RigNet, Inc. (NASDAQ:RNET) from a hold rating to a sell rating in a report released on Thursday morning.

Several other research analysts have also recently issued reports on the company. Zacks Investment Research upgraded RigNet from a sell rating to a hold rating in a research note on Wednesday, July 19th. Piper Jaffray Companies set a $17.00 price objective on RigNet and gave the stock a hold rating in a research note on Wednesday, August 16th. Finally, BidaskClub cut RigNet from a hold rating to a sell rating in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the stock. The stock presently has an average rating of Hold and an average target price of $19.33.

Shares of RigNet (RNET) traded up $0.15 during trading hours on Thursday, hitting $15.10. The stock had a trading volume of 34,900 shares, compared to its average volume of 28,212. RigNet has a 1 year low of $14.30 and a 1 year high of $23.90. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.98 and a quick ratio of 2.50.

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In related news, Director Charles Louis Iv Davis sold 3,000 shares of the firm’s stock in a transaction dated Wednesday, September 6th. The stock was sold at an average price of $16.25, for a total transaction of $48,750.00. Following the sale, the director now directly owns 40,313 shares of the company’s stock, valued at $655,086.25. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.20% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. American International Group Inc. grew its holdings in RigNet by 7.1% during the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after acquiring an additional 516 shares during the period. American Century Companies Inc. acquired a new stake in RigNet during the third quarter worth about $174,000. Oppenheimer Asset Management Inc. acquired a new stake in RigNet during the first quarter worth about $223,000. The Manufacturers Life Insurance Company grew its holdings in RigNet by 15.2% during the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after acquiring an additional 1,562 shares during the period. Finally, Macquarie Group Ltd. acquired a new stake in RigNet during the third quarter worth about $223,000. 90.83% of the stock is currently owned by hedge funds and other institutional investors.

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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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