Shares of RigNet Inc. (NASDAQ:RNET) have received an average recommendation of “Hold” from the seven brokerages that are covering the firm. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $15.67.

A number of analysts have issued reports on RNET shares. Zacks Investment Research downgraded RigNet from a “hold” rating to a “strong sell” rating in a report on Saturday, August 13th. Oppenheimer Holdings Inc. reissued a “market perform” rating on shares of RigNet in a report on Wednesday, August 17th. Finally, Jefferies Group boosted their target price on RigNet from $14.00 to $17.00 and gave the company a “buy” rating in a report on Wednesday, November 9th.

Shares of RigNet (NASDAQ:RNET) opened at 17.30 on Monday. RigNet has a 12-month low of $10.32 and a 12-month high of $23.03. The company’s 50-day moving average price is $16.17 and its 200 day moving average price is $13.61. The firm’s market capitalization is $310.14 million.

RigNet (NASDAQ:RNET) last announced its quarterly earnings results on Monday, November 7th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.01. The company earned $50.60 million during the quarter, compared to the consensus estimate of $52.37 million. RigNet had a negative return on equity of 6.14% and a negative net margin of 8.44%. RigNet’s revenue for the quarter was down 23.7% on a year-over-year basis. During the same period in the previous year, the business earned ($0.62) EPS. On average, equities research analysts forecast that RigNet will post ($0.35) EPS for the current fiscal year.

In other RigNet news, Director Kevin C. Mulloy sold 3,650 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $12.14, for a total transaction of $44,311.00. Following the completion of the sale, the director now directly owns 52 shares of the company’s stock, valued at approximately $631.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.70% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of RNET. Jacobs Levy Equity Management Inc. bought a new stake in RigNet during the first quarter valued at approximately $1,005,000. Brown Advisory Inc. increased its stake in RigNet by 5.6% in the second quarter. Brown Advisory Inc. now owns 441,888 shares of the company’s stock valued at $5,916,000 after buying an additional 23,548 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in RigNet during the second quarter valued at approximately $213,000. Stephens Investment Management Group LLC increased its stake in RigNet by 8.4% in the second quarter. Stephens Investment Management Group LLC now owns 666,241 shares of the company’s stock valued at $8,921,000 after buying an additional 51,496 shares in the last quarter. Finally, GSA Capital Partners LLP increased its stake in RigNet by 87.2% in the second quarter. GSA Capital Partners LLP now owns 96,608 shares of the company’s stock valued at $1,294,000 after buying an additional 45,002 shares in the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

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About RigNet

RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.

5 Day Chart for NASDAQ:RNET

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