RigNet (RNET) Rating Increased to Buy at BidaskClub

RigNet (NASDAQ:RNET) was upgraded by research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

Separately, ValuEngine cut shares of RigNet from a “hold” rating to a “sell” rating in a research note on Friday, October 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $19.33.

Shares of RigNet (NASDAQ:RNET) opened at $17.55 on Thursday. RigNet has a one year low of $14.01 and a one year high of $22.91. The company has a current ratio of 1.98, a quick ratio of 1.97 and a debt-to-equity ratio of 0.46. The firm has a market cap of $317.12, a PE ratio of -22.22 and a beta of 0.90.

Several hedge funds and other institutional investors have recently modified their holdings of RNET. American Century Companies Inc. bought a new stake in shares of RigNet during the third quarter valued at about $174,000. The Manufacturers Life Insurance Company raised 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 valued at $190,000 after purchasing an additional 1,562 shares in the last quarter. Macquarie Group Ltd. bought a new stake in shares of RigNet during the third quarter valued at about $223,000. Citigroup Inc. raised 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 valued at $250,000 after purchasing an additional 5,127 shares in the last quarter. Finally, Wells Fargo & Company MN raised 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 valued at $271,000 after purchasing an additional 5,475 shares in the last quarter. Institutional investors and hedge funds own 92.25% of the company’s stock.

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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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