RigNet (RNET) Announces Quarterly Earnings Results

RigNet (NASDAQ:RNET) posted its quarterly earnings data on Thursday. The Wireless communications provider reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.16) by $0.01, Morningstar.com reports. The company had revenue of $64.77 million during the quarter. RigNet had a negative net margin of 8.96% and a negative return on equity of 14.04%.

NASDAQ RNET traded down $0.79 on Friday, hitting $17.83. 61,266 shares of the stock were exchanged, compared to its average volume of 63,430. The company has a quick ratio of 1.75, a current ratio of 1.75 and a debt-to-equity ratio of 0.48. RigNet has a 52-week low of $10.02 and a 52-week high of $24.05.

Several research analysts have commented on RNET shares. Maxim Group reaffirmed a “buy” rating and set a $24.00 price objective (up from $20.00) on shares of RigNet in a research note on Friday, September 7th. BidaskClub raised shares of RigNet from a “hold” rating to a “buy” rating in a research note on Saturday, August 25th. Finally, ValuEngine raised shares of RigNet from a “hold” rating to a “buy” rating in a research note on Tuesday, October 2nd. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $19.50.

In other RigNet news, major shareholder Fund Holdings Gp Ltd Kkr bought 42,089 shares of the firm’s stock in a transaction dated Friday, August 31st. The stock was acquired at an average cost of $15.97 per share, for a total transaction of $672,161.33. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Digital Oilfield Investments L bought 58,167 shares of the firm’s stock in a transaction dated Wednesday, August 15th. The shares were acquired at an average price of $13.60 per share, with a total value of $791,071.20. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 257,392 shares of company stock valued at $3,829,491 and have sold 12,718 shares valued at $263,512. 2.30% of the stock is owned by insiders.

Several large investors have recently added to or reduced their stakes in RNET. FMR LLC lifted its position in shares of RigNet by 6.2% during the second quarter. FMR LLC now owns 2,904,526 shares of the Wireless communications provider’s stock worth $29,917,000 after purchasing an additional 170,747 shares during the last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in shares of RigNet by 15.6% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 934,089 shares of the Wireless communications provider’s stock worth $19,009,000 after purchasing an additional 126,000 shares during the last quarter. BlackRock Inc. lifted its position in shares of RigNet by 8.4% during the second quarter. BlackRock Inc. now owns 937,866 shares of the Wireless communications provider’s stock worth $9,661,000 after purchasing an additional 72,555 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of RigNet by 13.8% during the second quarter. Dimensional Fund Advisors LP now owns 588,183 shares of the Wireless communications provider’s stock worth $6,058,000 after purchasing an additional 71,460 shares during the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in shares of RigNet during the third quarter worth $973,000. Institutional investors and hedge funds own 86.31% of the company’s stock.

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RigNet Company Profile

RigNet, Inc, a technology company, provides customized communications services, applications, and cybersecurity solutions in the United States and internationally. The company operates through three segments: Managed Services, Applications and Internet-of-Things (Apps & IoT), and Systems Integration.

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Earnings History for RigNet (NASDAQ:RNET)

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