Goldman Sachs Group Inc. Increases Stake in RigNet, Inc. (RNET)
Goldman Sachs Group Inc. boosted its position in RigNet, Inc. (NASDAQ:RNET) by 21.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,921 shares of the Wireless communications provider’s stock after buying an additional 6,273 shares during the period. Goldman Sachs Group Inc. owned approximately 0.19% of RigNet worth $749,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of RNET. American International Group Inc. increased its position in RigNet by 7.1% in the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after buying an additional 516 shares during the period. Highbridge Capital Management LLC purchased a new position in RigNet during the fourth quarter worth $239,000. Oppenheimer Asset Management Inc. purchased a new position in RigNet during the first quarter worth $223,000. Metropolitan Life Insurance Co. NY purchased a new position in RigNet during the fourth quarter worth $246,000. Finally, Alliancebernstein L.P. increased its position in RigNet by 3.4% in the first quarter. Alliancebernstein L.P. now owns 18,250 shares of the Wireless communications provider’s stock worth $391,000 after buying an additional 600 shares during the period. 98.41% of the stock is currently owned by institutional investors and hedge funds.
Shares of RigNet, Inc. (NASDAQ RNET) traded down 2.90% during mid-day trading on Wednesday, hitting $15.05. The stock had a trading volume of 20,269 shares. The stock’s 50-day moving average price is $17.60 and its 200-day moving average price is $18.38. RigNet, Inc. has a 52-week low of $11.98 and a 52-week high of $23.90. The firm’s market cap is $274.20 million.
RigNet (NASDAQ:RNET) last issued its quarterly earnings results on Monday, August 7th. The Wireless communications provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of ($0.06) by $0.18. RigNet had a negative return on equity of 9.98% and a negative net margin of 5.69%. The company had revenue of $49.16 million during the quarter, compared to the consensus estimate of $49.37 million. During the same period in the prior year, the firm earned ($0.27) earnings per share. The business’s revenue for the quarter was down 10.5% compared to the same quarter last year. On average, analysts anticipate that RigNet, Inc. will post ($0.20) earnings per share for the current fiscal year.
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A number of research analysts recently weighed in on the company. ValuEngine raised RigNet from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. BidaskClub raised RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 11th. Simmons upped their price target on RigNet from $17.00 to $19.00 and gave the stock a “neutral” rating in a research note on Monday, July 3rd. Finally, Zacks Investment Research downgraded RigNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 10th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $20.33.
In other news, Director Charles Louis Iv Davis sold 1,750 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $16.87, for a total value of $29,522.50. Following the sale, the director now directly owns 43,313 shares of the company’s stock, valued at approximately $730,690.31. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.20% of the company’s stock.
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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