Maxim Group Thinks Rignet’s Stock is Going to Recover

By Ryan Adsit

Maxim Group analyst Allen Klee maintained a Buy rating on Rignet (RNETResearch Report) today and set a price target of $24. The company’s shares closed on Friday at $10.34, close to its 52-week low of $8.87.

Klee commented:

“We believe the stock is oversold on concerns related to arbitration with Inmarsat (ISA.L – NR) litigation that are on track to be resolved by the end of the year. We expect the final ruling to not be as bad as the market fears.”

According to TipRanks.com, Klee ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -12.9% and a 31.0% success rate. Klee covers the Technology sector, focusing on stocks such as Sify Technologies Limited, Dolphin Entertainment Inc, and Atlantic Tele-Network.

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

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The company has a one-year high of $24.05 and a one-year low of $8.87. Currently, Rignet has an average volume of 40.03K.

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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.