Dynamic Technology Lab Private Ltd bought a new stake in shares of RigNet Inc. (NASDAQ:RNET) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 15,886 shares of the company’s stock, valued at approximately $213,000. Dynamic Technology Lab Private Ltd owned 0.09% of RigNet as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in RigNet by 1.4% in the second quarter. Vanguard Group Inc. now owns 726,599 shares of the company’s stock valued at $9,730,000 after buying an additional 10,187 shares during the last quarter. Brown Advisory Inc. increased its position in RigNet by 5.6% in the second quarter. Brown Advisory Inc. now owns 441,888 shares of the company’s stock valued at $5,916,000 after buying an additional 23,548 shares during the last quarter. Dimensional Fund Advisors LP increased its position in RigNet by 0.6% in the second quarter. Dimensional Fund Advisors LP now owns 312,294 shares of the company’s stock valued at $4,181,000 after buying an additional 1,987 shares during the last quarter. JPMorgan Chase & Co. increased its position in RigNet by 2.1% in the second quarter. JPMorgan Chase & Co. now owns 305,800 shares of the company’s stock valued at $4,094,000 after buying an additional 6,200 shares during the last quarter. Finally, Alambic Investment Management L.P. purchased a new position in RigNet during the second quarter valued at approximately $372,000. 96.22% of the stock is currently owned by institutional investors.
Shares of RigNet Inc. (NASDAQ:RNET) opened at 14.93 on Wednesday. The firm’s market cap is $265.84 million. The company’s 50-day moving average price is $13.18 and its 200-day moving average price is $13.11. RigNet Inc. has a 12 month low of $10.32 and a 12 month high of $32.81.
RigNet (NASDAQ:RNET) last posted its earnings results on Monday, August 8th. The company reported ($0.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by $0.29. RigNet had a negative return on equity of 2.41% and a negative net margin of 11.91%. The firm had revenue of $54.91 million for the quarter, compared to the consensus estimate of $58.50 million. During the same period in the prior year, the business earned $0.34 EPS. RigNet’s quarterly revenue was down 26.9% compared to the same quarter last year. On average, analysts predict that RigNet Inc. will post ($0.35) EPS for the current year.
Several equities analysts have recently commented on the company. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of RigNet in a research report on Wednesday, August 17th. Jefferies Group reaffirmed a “buy” rating and issued a $14.00 target price (down previously from $16.00) on shares of RigNet in a research report on Saturday, August 13th. Zacks Investment Research downgraded RigNet from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 13th. Finally, Sidoti raised RigNet from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. RigNet presently has a consensus rating of “Hold” and an average price target of $14.67.
In other RigNet news, Director Kevin C. Mulloy sold 3,650 shares of RigNet stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $12.14, for a total transaction of $44,311.00. Following the transaction, the director now owns 52 shares of the company’s stock, valued at approximately $631.28. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.70% of the company’s stock.
RigNet Company Profile
RigNet, Inc (RigNet) is a provider of digital technology solutions to the oil and gas industry. The Company provides managed remote communications, managed services and collaborative applications, focusing on offshore and onshore drilling rigs, energy production facilities, and energy maritime. The Company operates through three segments: Eastern Hemisphere, Western Hemisphere and RigNet Systems Integration and Automation.
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