RigNet (RNET) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS

RigNet (NASDAQ:RNET) released its earnings results on Thursday. The Wireless communications provider reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.16) by $0.01, Morningstar.com reports. RigNet had a negative net margin of 8.96% and a negative return on equity of 14.04%. The firm had revenue of $64.77 million during the quarter.

Shares of RNET stock traded down $0.79 during trading hours on Friday, hitting $17.83. 61,266 shares of the company’s stock traded hands, compared to its average volume of 63,430. RigNet has a 12-month low of $10.02 and a 12-month high of $24.05. The company has a current ratio of 1.75, a quick ratio of 1.75 and a debt-to-equity ratio of 0.48.

RNET has been the subject of several recent research reports. ValuEngine upgraded shares of RigNet from a “hold” rating to a “buy” rating in a report on Tuesday, October 2nd. BidaskClub lowered shares of RigNet from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 18th. Finally, Maxim Group set a $24.00 target price on shares of RigNet and gave the company a “buy” rating in a report on Friday. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $19.50.

In related news, CFO Tonya Maumus Mcdermott sold 10,576 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $21.80, for a total value of $230,556.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Digital Oilfield Investments L acquired 58,167 shares of the firm’s stock in a transaction that occurred on Wednesday, August 15th. The stock was purchased at an average price of $13.60 per share, with a total value of $791,071.20. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 257,392 shares of company stock valued at $3,829,491 and have sold 12,718 shares valued at $263,512. 2.30% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in RNET. Dimensional Fund Advisors LP raised its holdings in RigNet by 11.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 516,723 shares of the Wireless communications provider’s stock worth $7,027,000 after acquiring an additional 52,366 shares during the last quarter. Trexquant Investment LP purchased a new position in RigNet in the 2nd quarter worth approximately $169,000. Schwab Charles Investment Management Inc. raised its holdings in RigNet by 37.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 85,716 shares of the Wireless communications provider’s stock worth $883,000 after acquiring an additional 23,323 shares during the last quarter. BlackRock Inc. raised its holdings in RigNet by 8.4% in the 2nd quarter. BlackRock Inc. now owns 937,866 shares of the Wireless communications provider’s stock worth $9,661,000 after acquiring an additional 72,555 shares during the last quarter. Finally, FMR LLC raised its holdings in RigNet by 6.2% in the 2nd quarter. FMR LLC now owns 2,904,526 shares of the Wireless communications provider’s stock worth $29,917,000 after acquiring an additional 170,747 shares during the last quarter. Institutional investors own 86.31% of the company’s stock.

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About RigNet

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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Earnings History for RigNet (NASDAQ:RNET)

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