Shares of RigNet (NASDAQ:RNET) hit a new 52-week high and low during mid-day trading on Friday . The company traded as low as $11.85 and last traded at $11.70, with a volume of 638 shares trading hands. The stock had previously closed at $12.80.
A number of brokerages have recently issued reports on RNET. BidaskClub raised shares of RigNet from a “strong sell” rating to a “sell” rating in a research note on Tuesday, May 8th. Zacks Investment Research raised shares of RigNet from a “sell” rating to a “hold” rating in a research note on Wednesday, May 9th. ValuEngine lowered shares of RigNet from a “sell” rating to a “strong sell” rating in a research note on Thursday, March 1st. Finally, Wells Fargo set a $15.00 target price on shares of RigNet and gave the company a “hold” rating in a research note on Thursday, March 8th. Two analysts have rated the stock with a sell rating and four have given a hold rating to the stock. RigNet presently has a consensus rating of “Hold” and a consensus price target of $17.00.
The company has a market cap of $247.85 million, a PE ratio of -16.55 and a beta of 0.93. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.95 and a current ratio of 1.95.
In related news, Director Charles Louis Iv Davis sold 12,000 shares of the company’s stock in a transaction dated Wednesday, March 28th. The shares were sold at an average price of $13.45, for a total value of $161,400.00. Following the completion of the sale, the director now directly owns 28,313 shares of the company’s stock, valued at $380,809.85. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in RigNet by 0.5% in the fourth quarter. BlackRock Inc. now owns 870,221 shares of the Wireless communications provider’s stock worth $13,010,000 after acquiring an additional 4,459 shares during the period. Wells Fargo & Company MN lifted its stake in RigNet by 30.1% in the fourth quarter. Wells Fargo & Company MN now owns 20,526 shares of the Wireless communications provider’s stock worth $307,000 after acquiring an additional 4,749 shares during the period. Ramsey Quantitative Systems purchased a new stake in RigNet in the fourth quarter worth about $102,000. SG Americas Securities LLC purchased a new stake in RigNet in the fourth quarter worth about $110,000. Finally, Renaissance Technologies LLC lifted its stake in RigNet by 1.8% in the fourth quarter. Renaissance Technologies LLC now owns 586,600 shares of the Wireless communications provider’s stock worth $8,770,000 after acquiring an additional 10,100 shares during the period. 86.34% of the stock is owned by institutional investors.
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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