RadNet Inc. (RDNT) Downgraded by Zacks Investment Research to Hold
RadNet Inc. (NASDAQ:RDNT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “RadNet, Inc., is a national market leader providing high-quality, cost-effective diagnostic imaging services through a network of fully-owned and operated outpatient imaging centers. RadNet offers to its patients and referring physicians the full spectrum of diagnostic imaging exams, including PET/CT, MRI, CT, Nuclear Medicine, Mammography, Ultrasound and X-ray, as well as numerous other procedures. RadNet utilizes best of breed technology to appropriately serve the medical communities in which it operates. “
Several other research analysts also recently weighed in on RDNT. B. Riley restated a “buy” rating and issued a $9.00 price target on shares of RadNet in a research note on Saturday, September 3rd. Jefferies Group restated a “hold” rating on shares of RadNet in a research note on Friday, August 5th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. RadNet presently has a consensus rating of “Hold” and an average target price of $8.25.
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RadNet (NASDAQ:RDNT) opened at 7.47 on Wednesday. The company has a 50 day moving average of $7.07 and a 200 day moving average of $5.83. The stock has a market capitalization of $346.85 million, a P/E ratio of 32.48 and a beta of 1.36. RadNet has a 52 week low of $4.66 and a 52 week high of $7.79.
RadNet (NASDAQ:RDNT) last released its earnings results on Tuesday, August 9th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. The company earned $224.60 million during the quarter, compared to analyst estimates of $220.09 million. RadNet had a net margin of 1.25% and a return on equity of 43.03%. The firm’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.08 EPS. Equities analysts expect that RadNet will post $0.26 EPS for the current fiscal year.
In other news, insider Jeffrey L. Linden sold 30,000 shares of the stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $6.41, for a total transaction of $192,300.00. Following the completion of the transaction, the insider now directly owns 963,709 shares in the company, valued at approximately $6,177,374.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen M. Forthuber sold 20,000 shares of the stock in a transaction that occurred on Monday, September 19th. The shares were sold at an average price of $7.18, for a total value of $143,600.00. Following the transaction, the insider now owns 397,724 shares of the company’s stock, valued at $2,855,658.32. The disclosure for this sale can be found here. Insiders own 9.18% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can purchased a new position in RadNet during the second quarter worth approximately $102,000. American International Group Inc. increased its position in RadNet by 6.2% in the second quarter. American International Group Inc. now owns 21,381 shares of the company’s stock worth $114,000 after buying an additional 1,243 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its position in RadNet by 17.0% in the second quarter. Metropolitan Life Insurance Co. NY now owns 31,163 shares of the company’s stock worth $166,000 after buying an additional 4,522 shares in the last quarter. Rhumbline Advisers increased its position in RadNet by 5.0% in the second quarter. Rhumbline Advisers now owns 35,350 shares of the company’s stock worth $189,000 after buying an additional 1,685 shares in the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new position in RadNet during the second quarter worth approximately $330,000. Hedge funds and other institutional investors own 47.04% of the company’s stock.
RadNet Company Profile
RadNet, Inc is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. The Company operates directly or indirectly through joint ventures with hospitals, approximately 300 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island.
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