Rignet (RNET) Receives a Buy from Maxim Group

By Jason Carr

Maxim Group analyst Allen Klee reiterated a Buy rating on Rignet (NASDAQ: RNET) today and set a price target of $24. The company’s shares closed yesterday at $19.05, close to its 52-week high of $19.20.

Klee commented:

“We raise our estimates to reflect RNET’s win of the McDermott (MDR – NR) Fleet contract and lower-than-expected impact from the loss of Noble (NBL – NR).”

According to TipRanks.com, Klee is a 2-star analyst with an average return of 1.8% and a 42.3% success rate. Klee covers the Technology sector, focusing on stocks such as Helios & Matheson North America Inc, Net 1 Ueps, and Stampscom.

Rignet has an analyst consensus of Moderate Buy, with a price target consensus of $24.

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The company has a one-year high of $19.20 and a one-year low of $10.03. Currently, Rignet has an average volume of 60.93K.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of RNET in relation to earlier this year.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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 and Internet-of-Things; and Systems Integration.