BidaskClub upgraded shares of RigNet (NASDAQ:RNET) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning.

Several other research firms also recently issued reports on RNET. ValuEngine downgraded RigNet from a hold rating to a sell rating in a report on Thursday, November 9th. Piper Jaffray Companies set a $17.00 price objective on RigNet and gave the company a hold rating in a report on Wednesday, August 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $19.33.

RigNet (NASDAQ RNET) traded down $0.20 during trading hours on Tuesday, reaching $15.00. The company’s stock had a trading volume of 21,100 shares, compared to its average volume of 47,595. RigNet has a 12 month low of $14.30 and a 12 month high of $23.90. The company has a current ratio of 1.98, a quick ratio of 1.97 and a debt-to-equity ratio of 0.46.

Several hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. purchased a new stake in RigNet during the 3rd quarter worth about $174,000. The Manufacturers Life Insurance Company increased its holdings in RigNet by 15.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock worth $190,000 after purchasing an additional 1,562 shares during the period. Macquarie Group Ltd. purchased a new stake in RigNet during the 3rd quarter worth about $223,000. Citigroup Inc. increased its holdings in RigNet by 48.9% during the 2nd quarter. Citigroup Inc. now owns 15,612 shares of the Wireless communications provider’s stock worth $250,000 after purchasing an additional 5,127 shares during the period. Finally, Wells Fargo & Company MN increased its holdings in RigNet by 53.1% during the 3rd quarter. Wells Fargo & Company MN now owns 15,777 shares of the Wireless communications provider’s stock worth $271,000 after purchasing an additional 5,475 shares during the period. Hedge funds and other institutional investors own 92.25% of the company’s stock.

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About RigNet

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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