RigNet (RNET) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS
RigNet (NASDAQ:RNET) released its quarterly earnings data on Thursday. The Wireless communications provider reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.01, Morningstar.com reports. The firm had revenue of $64.77 million during the quarter. RigNet had a negative return on equity of 14.04% and a negative net margin of 8.96%.
RigNet stock traded down $0.79 during trading hours on Friday, reaching $17.83. The stock had a trading volume of 61,266 shares, compared to its average volume of 63,430. The company has a current ratio of 1.75, a quick 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.
A number of equities analysts have commented on RNET shares. Maxim Group set a $19.00 target price on shares of RigNet and gave the stock a “buy” rating in a report on Tuesday, July 31st. BidaskClub upgraded shares of RigNet from a “sell” rating to a “hold” rating in a report on Thursday, August 16th. Finally, ValuEngine upgraded shares of RigNet from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.50.
Several hedge funds have recently modified their holdings of the company. Cubist Systematic Strategies LLC purchased a new stake in shares of RigNet during the second quarter worth about $110,000. Renaissance Technologies LLC grew its stake in shares of RigNet by 1.9% during the second quarter. Renaissance Technologies LLC now owns 594,700 shares of the Wireless communications provider’s stock worth $6,125,000 after acquiring an additional 10,900 shares during the last quarter. Tower Research Capital LLC TRC grew its stake in shares of RigNet by 473.4% during the second quarter. Tower Research Capital LLC TRC now owns 15,332 shares of the Wireless communications provider’s stock worth $158,000 after acquiring an additional 12,658 shares during the last quarter. BlackRock Inc. grew its stake in shares of RigNet by 1.6% during the third quarter. BlackRock Inc. now owns 952,948 shares of the Wireless communications provider’s stock worth $19,393,000 after acquiring an additional 15,082 shares during the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of RigNet during the second quarter worth about $169,000. Institutional investors and hedge funds own 86.31% of the company’s stock.
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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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