Maxim Group Thinks Rignet’s Stock is Going to Recover


In a report released today, Allen Klee from Maxim Group maintained a Buy rating on Rignet (RNET), with a price target of $24. The company’s shares closed yesterday at $9.65, close to its 52-week low of $8.70.

Klee said:

“1Q19 results – reported yesterday, post-close – support our view that RNET’s strategy of combining value-added solutions to its Managed Communications offerings is resulting in market share gains and an attractive growth outlook.”

According to TipRanks.com, Klee has 0 stars on 0-5 star ranking scale with an average return of -12.0% and a 34.1% success rate. Klee covers the Technology sector, focusing on stocks such as Dolphin Entertainment Inc, Sify Technologies Limited, and ATN International Inc.

Currently, the analyst consensus on Rignet is a Moderate Buy with an average price target of $24.

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Based on Rignet’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $11.98 million. In comparison, last year the company had a GAAP net loss of $5.56 million.

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RigNet, Inc. is a technology company, which engages in the provision of customized communications services, applications, and cybersecurity solutions. It operates through the following segments: Managed Services, Applications & Internet-of-Things, Systems Integration and Corporate.

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