RigNet (RNET) Issues Quarterly Earnings Results

RigNet (NASDAQ:RNET) released its quarterly earnings results on Thursday. The Wireless communications provider reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.20) by $0.15, Morningstar.com reports. The company had revenue of $60.24 million for the quarter. RigNet had a negative return on equity of 14.44% and a negative net margin of 7.84%.

Shares of RNET stock traded down $0.49 during midday trading on Friday, hitting $14.57. The company had a trading volume of 32,328 shares, compared to its average volume of 28,822. RigNet has a 52-week low of $10.02 and a 52-week high of $24.05. The company has a current ratio of 2.27, a quick ratio of 2.27 and a debt-to-equity ratio of 0.63.

Several hedge funds have recently made changes to their positions in the business. Oppenheimer Asset Management Inc. purchased a new stake in shares of RigNet in the fourth quarter valued at approximately $106,000. Bank of America Corp DE boosted its stake in shares of RigNet by 60.1% in the fourth quarter. Bank of America Corp DE now owns 9,716 shares of the Wireless communications provider’s stock valued at $123,000 after buying an additional 3,648 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of RigNet by 25.2% in the fourth quarter. New York State Common Retirement Fund now owns 14,900 shares of the Wireless communications provider’s stock valued at $188,000 after buying an additional 3,000 shares in the last quarter. Millennium Management LLC boosted its stake in shares of RigNet by 43.4% in the fourth quarter. Millennium Management LLC now owns 16,054 shares of the Wireless communications provider’s stock valued at $203,000 after buying an additional 4,860 shares in the last quarter. Finally, Stephens Inc. AR boosted its stake in shares of RigNet by 6.1% in the fourth quarter. Stephens Inc. AR now owns 16,129 shares of the Wireless communications provider’s stock valued at $204,000 after buying an additional 931 shares in the last quarter. Institutional investors own 89.64% of the company’s stock.

Separately, BidaskClub lowered RigNet from a “hold” rating to a “sell” rating in a research report on Thursday, March 7th.

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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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