RigNet Inc (RNET) Given Average Rating of “Hold” by Brokerages

Shares of RigNet Inc (NASDAQ:RNET) have received a consensus recommendation of “Hold” from the six ratings firms that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $19.33.

RNET has been the topic of a number of research analyst reports. ValuEngine cut RigNet from a “hold” rating to a “sell” rating in a report on Friday, October 20th. BidaskClub upgraded RigNet from a “sell” rating to a “hold” rating in a report on Tuesday, December 5th.

Shares of RigNet (RNET) traded up $0.45 during trading on Thursday, reaching $16.20. The company had a trading volume of 59,819 shares, compared to its average volume of 47,241. RigNet has a 52-week low of $14.01 and a 52-week high of $23.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.97 and a current ratio of 1.98.

Institutional investors and hedge funds have recently modified their holdings of the business. American Century Companies Inc. acquired a new position in shares of RigNet during the third quarter worth about $174,000. The Manufacturers Life Insurance Company lifted its stake in shares of 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 purchasing an additional 1,562 shares in the last quarter. Macquarie Group Ltd. acquired a new position in shares of RigNet during the third quarter worth about $223,000. Citigroup Inc. lifted its stake in shares of RigNet by 48.9% during the second quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock worth $250,000 after purchasing an additional 5,127 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its stake in shares of RigNet by 53.1% during the third quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock worth $271,000 after purchasing an additional 5,475 shares in the last quarter. Institutional investors own 92.25% of the company’s stock.

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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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