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.
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.
TRADEMARK VIOLATION WARNING: “RigNet (RNET) Posts Quarterly Earnings Results, Beats Estimates By $0.01 EPS” was first posted by WKRB News and is the sole property of of WKRB News. If you are viewing this piece of content on another domain, it was copied illegally and reposted in violation of United States and international trademark & copyright laws. The correct version of this piece of content can be accessed at https://www.wkrb13.com/2018/11/11/rignet-rnet-posts-quarterly-earnings-results-beats-estimates-by-0-01-eps.html.
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.
Recommended Story: Hedge Funds – How They Work For Investors
Receive News & Ratings for RigNet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RigNet and related companies with MarketBeat.com's FREE daily email newsletter.