RigNet (RNET) Rating Lowered to Sell at ValuEngine

RigNet (NASDAQ:RNET) was downgraded by equities research analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Thursday, November 9th.

A number of other equities analysts have also weighed in on the stock. Zacks Investment Research upgraded shares of RigNet from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Piper Jaffray Companies set a $17.00 target price on shares of RigNet and gave the stock a “hold” rating in a research report on Wednesday, August 16th. Finally, BidaskClub lowered shares of RigNet from a “hold” rating to a “sell” rating in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $19.33.

RigNet (NASDAQ RNET) opened at $16.20 on Thursday. RigNet has a 12-month low of $14.30 and a 12-month high of $23.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.97 and a current ratio of 1.98.

In related news, Director Charles Louis Iv Davis sold 3,000 shares of the company’s stock in a transaction on Wednesday, September 6th. The shares were sold at an average price of $16.25, for a total transaction of $48,750.00. Following the completion of the transaction, the director now owns 40,313 shares in the company, valued at $655,086.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.20% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. raised its stake in RigNet by 7.1% during the first quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock valued at $167,000 after purchasing an additional 516 shares in the last quarter. Alliancebernstein L.P. raised its stake in RigNet by 3.4% during the first quarter. Alliancebernstein L.P. now owns 18,250 shares of the Wireless communications provider’s stock valued at $391,000 after purchasing an additional 600 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of RigNet by 15.2% in the second quarter. The Manufacturers Life Insurance Company now owns 11,867 shares of the Wireless communications provider’s stock valued at $190,000 after acquiring an additional 1,562 shares during the period. TIAA CREF Investment Management LLC raised its stake in shares of RigNet by 3.6% in the second quarter. TIAA CREF Investment Management LLC now owns 52,387 shares of the Wireless communications provider’s stock valued at $841,000 after acquiring an additional 1,812 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of RigNet by 2.9% in the first quarter. Bank of New York Mellon Corp now owns 71,138 shares of the Wireless communications provider’s stock valued at $1,526,000 after acquiring an additional 1,976 shares during the period. 92.39% of the stock is currently owned by institutional investors.

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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).

To view ValuEngine’s full report, visit ValuEngine’s official website.

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