Two Sigma Investments LP increased its position in shares of RigNet Inc (NASDAQ:RNET) by 45.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 41,854 shares of the company’s stock after buying an additional 13,132 shares during the period. Two Sigma Investments LP’s holdings in RigNet were worth $969,000 as of its most recent SEC filing.
A number of other institutional investors also recently modified their holdings of RNET. Strs Ohio bought a new position in shares of RigNet during the third quarter worth approximately $146,000. A.R.T. Advisors LLC bought a new position in shares of RigNet during the fourth quarter worth approximately $230,000. Spark Investment Management LLC bought a new position in shares of RigNet during the third quarter worth approximately $216,000. SECOR Capital Advisors LP increased its position in shares of RigNet by 5.4% in the third quarter. SECOR Capital Advisors LP now owns 15,151 shares of the company’s stock worth $229,000 after buying an additional 771 shares during the last quarter. Finally, Alambic Investment Management L.P. increased its position in shares of RigNet by 23.8% in the third quarter. Alambic Investment Management L.P. now owns 34,350 shares of the company’s stock worth $519,000 after buying an additional 6,600 shares during the last quarter. Institutional investors own 95.63% of the company’s stock.
RigNet Inc (NASDAQ:RNET) opened at 19.45 on Friday. RigNet Inc has a 52 week low of $10.86 and a 52 week high of $23.90. The firm has a 50-day moving average price of $18.80 and a 200-day moving average price of $18.00. The firm’s market capitalization is $349.77 million.
RigNet (NASDAQ:RNET) last issued its quarterly earnings data on Monday, March 6th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by $0.12. RigNet had a negative return on equity of 6.14% and a negative net margin of 8.44%. The company had revenue of $52.76 million for the quarter, compared to analyst estimates of $48.21 million. During the same quarter in the previous year, the business earned $0.03 earnings per share. The company’s revenue was up 1.1% on a year-over-year basis. Equities analysts forecast that RigNet Inc will post ($0.11) EPS for the current year.
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A number of equities analysts have commented on the company. Jefferies Group LLC restated a “buy” rating and issued a $22.00 target price (up from $17.00) on shares of RigNet in a research note on Saturday, March 11th. Zacks Investment Research upgraded RigNet from a “hold” rating to a “buy” rating and set a $20.00 target price for the company in a research note on Friday, March 10th.
In related news, CFO Charles E. Schneider sold 2,280 shares of the firm’s stock in a transaction on Friday, March 24th. The shares were sold at an average price of $19.88, for a total transaction of $45,326.40. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 2.70% of the company’s stock.
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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