RigNet, Inc. (RNET) Downgraded by ValuEngine to Sell

ValuEngine cut shares of RigNet, Inc. (NASDAQ:RNET) from a hold rating to a sell rating in a report issued on Thursday morning.

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

Shares of RigNet (NASDAQ RNET) traded up $0.15 during midday trading on Thursday, hitting $15.10. The stock had a trading volume of 34,900 shares, compared to its average volume of 28,212. RigNet has a 1-year low of $14.30 and a 1-year high of $23.90. The company has a quick ratio of 2.50, a current ratio of 1.98 and a debt-to-equity ratio of 0.46.

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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 stock was 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 directly owns 40,313 shares in the company, valued at approximately $655,086.25. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.20% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently modified their holdings of RNET. American International Group Inc. grew its stake in RigNet by 7.1% during the 1st quarter. American International Group Inc. now owns 7,784 shares of the Wireless communications provider’s stock worth $167,000 after buying an additional 516 shares during the last quarter. American Century Companies Inc. bought a new position in RigNet during the 3rd quarter worth $174,000. The Manufacturers Life Insurance Company grew 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 worth $190,000 after purchasing an additional 1,562 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of RigNet in the first quarter worth $223,000. Finally, Macquarie Group Ltd. bought a new position in shares of RigNet in the third quarter worth $223,000. Hedge funds and other institutional investors own 90.83% of the company’s stock.

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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