Maxim Group Initiates “Buy” Rating for RigNet (NASDAQ:RNET) With a $19 Price Target

June 14, 2018 - By Duane Lopez

RigNet, Inc. (NASDAQ:RNET) Logo

Investors sentiment decreased to 0.7 in Q1 2018. Its down 0.49, from 1.19 in 2017Q4. It dived, as 6 investors sold RigNet, Inc. shares while 24 reduced holdings. 8 funds opened positions while 13 raised stakes. 15.97 million shares or 0.40% more from 15.91 million shares in 2017Q4 were reported.

29,583 are held by Morgan Stanley. Manufacturers Life Ins The holds 10,659 shares or 0% of its portfolio. California-based Schwab Charles Invest Mngmt has invested 0% in RigNet, Inc. (NASDAQ:RNET). Legal General Grp Public Ltd Co owns 0% invested in RigNet, Inc. (NASDAQ:RNET) for 2,561 shares. Mackay Shields Ltd holds 0% or 29,971 shares in its portfolio. 19,000 were accumulated by Wedge Cap Mngmt L L P Nc. The Minnesota-based Punch & Associate Invest Incorporated has invested 0.58% in RigNet, Inc. (NASDAQ:RNET). 2,970 are held by Barclays Public Limited Liability. The New York-based Kohlberg Kravis Roberts And L P has invested 0.79% in RigNet, Inc. (NASDAQ:RNET). Meeder Asset Mgmt has invested 0% of its portfolio in RigNet, Inc. (NASDAQ:RNET). State Street Corp accumulated 251,386 shares. Goldman Sachs Group Incorporated holds 0% of its portfolio in RigNet, Inc. (NASDAQ:RNET) for 42,523 shares. Invesco Limited holds 0% of its portfolio in RigNet, Inc. (NASDAQ:RNET) for 112,203 shares. Commercial Bank Of America Corporation De owns 3,931 shares. Stratos Wealth Prtnrs Ltd stated it has 100 shares.

Since March 19, 2018, it had 0 insider purchases, and 3 insider sales for $313,108 activity. Mulloy Kevin C. sold $43,599 worth of stock or 3,300 shares.

Why Has Maxim Group Given RigNet (NASDAQ:RNET) a $19 Price Target

Maxim Group analyst has begun coverage with a “Buy” rating on RigNet (NASDAQ:RNET) today and set a price target of $19. The company’s shares opened today at 12.5.

The stock decreased 0.79% or $0.1 during the last trading session, reaching $12.5. About 34,505 shares traded. RigNet, Inc. (NASDAQ:RNET) has declined 27.08% since June 14, 2017 and is downtrending. It has underperformed by 39.65% the S&P500.

Analysts await RigNet, Inc. (NASDAQ:RNET) to report earnings on August, 6. They expect $-0.15 earnings per share, up 37.50 % or $0.09 from last year’s $-0.24 per share. After $-0.25 actual earnings per share reported by RigNet, Inc. for the previous quarter, Wall Street now forecasts -40.00 % EPS growth.

RigNet, Inc. provides systems and solutions for clients with data networking and operational requirements the United States and internationally. The company has market cap of $242.04 million. The firm operates through two divisions, Managed Services; and Systems Integration and Automation. It currently has negative earnings. It offers remote communications services for offshore and onshore drilling rigs and production facilities, as well as support vessels and other remote sites; multiprotocol label switching global network services; proactive network monitoring and management through network activities centers; and systems integration services to design, assemble, install, and commission turn-key solutions for customer communications systems.

More news for RigNet, Inc. (NASDAQ:RNET) were recently published by: Nasdaq.com, which released: “What Caused RigNet Inc.’s Stock to Plunge Today” on May 18, 2018. Globenewswire.com‘s article titled: “RigNet Announces Addition to Executive Management Team” and published on June 13, 2018 is yet another important article.

RigNet, Inc. (NASDAQ:RNET) Institutional Positions Chart

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