RigNet (RNET) Upgraded to “Sell” at BidaskClub

RigNet (NASDAQ:RNET) was upgraded by equities research analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Saturday.

RNET has been the subject of several other reports. Wells Fargo & Co began coverage on shares of RigNet in a research note on Tuesday, January 30th. They issued a “market perform” rating and a $18.00 target price for the company. ValuEngine downgraded shares of RigNet from a “hold” rating to a “sell” rating in a research note on Thursday, November 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. RigNet currently has an average rating of “Hold” and a consensus price target of $19.00.

Shares of RigNet (RNET) opened at $14.65 on Friday. RigNet has a one year low of $13.70 and a one year high of $22.91. The stock has a market cap of $267.00, a PE ratio of -18.54 and a beta of 0.95. The company has a quick ratio of 1.97, a current ratio of 1.98 and a debt-to-equity ratio of 0.46.

A number of hedge funds have recently modified their holdings of the business. BlackRock Inc. lifted its position in RigNet by 0.5% during 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 last quarter. Skandinaviska Enskilda Banken AB publ lifted its position in RigNet by 10.1% during the third quarter. Skandinaviska Enskilda Banken AB publ now owns 808,089 shares of the Wireless communications provider’s stock worth $13,899,000 after acquiring an additional 74,090 shares during the last quarter. Renaissance Technologies LLC lifted its position in RigNet by 1.8% during 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 last quarter. JPMorgan Chase & Co. lifted its position in RigNet by 58.7% during the third quarter. JPMorgan Chase & Co. now owns 455,175 shares of the Wireless communications provider’s stock worth $7,988,000 after acquiring an additional 168,275 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in RigNet by 8.6% during the third quarter. Dimensional Fund Advisors LP now owns 433,126 shares of the Wireless communications provider’s stock worth $7,450,000 after acquiring an additional 34,420 shares during the last quarter. Hedge funds and other institutional investors own 92.05% of the company’s stock.

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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).

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