Kopion Asset Management LLC recently announced the acquisition of new stake in RigNet Inc. (NASDAQ:RNET). The institutional investor has increased its shareholding in the Energy company by 165.26% to 1.43 million shares with purchase of 0.89 million shares. This fresh investment now brings its stake to 6.97% valued currently at $3.51 million. In addition, AMH Equity Ltd. raised its holdings by 1.05 million to 1.05 million shares. And Renaissance Technologies LLC has lifted its position by 31.34% or 0.17 million shares – to 0.7 million shares.
With over 1.15 million RigNet Inc. (RNET) shares trading Friday and a closing price of $5.17 on the day, the dollar volume was approximately $5.92 million. The shares have shown a positive weekly performance of 24.88% and its price on 08/28/20 gained nearly 19.95%. Currently, there are 20.51M common shares owned by the public and among those 14.93M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for RNET have a consensus price objective of $12.00. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $12.00 should the stock experience a downside. Incidentally, analysts’ outlook for the RigNet Inc. stock is 1.00 for the next 12 months. But an upside of 56.92% will see the stock hit the forecast high price target while mean target price for the stock is $12.00.
Insiders at the company have transacted a total of 66 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 411,733 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 119,405 shares.
The top 3 mutual fund holders in RigNet Inc. are Meridian Small Cap Growth Fund, Fidelity Select Energy Portfolio, and SEB SICAV 2 – Listed Private Equi. Meridian Small Cap Growth Fund owns 1.62 million shares of the company’s stock, all valued at over $3.98 million. SEB SICAV 2 – Listed Private Equi sold 97935.0 shares to bring its total holdings to over 0.4 million shares at a value of $0.99 million. SEB SICAV 2 – Listed Private Equi now owns shares totaling to 1.98% of the shares outstanding.
Shares of RigNet Inc. (NASDAQ: RNET) opened at $4.28, down -$0.03 from a prior closing price of $4.31. However, the script later closed the day at $5.17, up 19.95%. The company’s stock has a 5-day price change of 24.88% and 392.38% over the past three months. RNET shares are trading -21.67% year to date (YTD), with the 12-month market performance down to -34.47% lower. It has a 12-month low price of $0.77 and touched a high of $8.85 over the same period. Currently, 1.15 million shares have been traded, compared to an average intraday trading volume of 1.63 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 49.36%, 96.31%, and 58.93% respectively.
Institutional ownership of RigNet Inc. (NASDAQ: RNET) shares accounts for 71.30% of the company’s 20.51M shares outstanding. Mutual fund holders own 25.99%, while other institutional holders and individual stakeholders account for 58.33% and 25.88% respectively.
It has a market capitalization of $88.61M and a beta (3y monthly) value of 2.17. The earnings-per-share (ttm) stands at -$1.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 13.72% over the week and 12.60% over the month.
Analysts forecast that RigNet Inc. (RNET) will achieve an EPS of -$0.35 for the current quarter, -$0.34 for the next quarter and -$1.52 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.35 while analysts give the company a high EPS estimate of -$0.35. Comparatively, EPS for the current quarter was $0.05 a year ago. Earnings per share for the fiscal year are expected to increase by 70.20%, and -280.00% over the next financial year. EPS should grow at an annualized rate of 3.00% over the next five years, compared to -25.40% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate RigNet Inc. (RNET) as a “Strong Buy” at a consensus score of 1.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RNET, a number of firms have released research notes about the stock. National Securities stated their Neutral rating for the stock in a research note on April 17, 2020, with the firm’s price target at. National Securities coverage for the RigNet Inc. (RNET) stock in a research note released on October 16, 2019 offered a Buy rating with a price target of. Maxim Group was of a view on September 07, 2018 that the stock is Buy, while Wells Fargo gave the stock Market Perform rating on January 30, 2018, issuing a price target of. Sidoti on their part issued Buy rating on June 28, 2016.