RadNet, Inc. (RDNT) Downgraded by Zacks Investment Research to “Sell”
RadNet, Inc. (NASDAQ:RDNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors 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 brokerages also recently weighed in on RDNT. TheStreet raised RadNet from a “c” rating to a “b-” rating in a report on Thursday, August 24th. Jefferies Group LLC raised RadNet from a “hold” rating to a “buy” rating and raised their price target for the stock from $7.00 to $12.00 in a report on Tuesday, August 22nd. Finally, BidaskClub raised RadNet from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. One research analyst has rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $12.00.
RadNet (NASDAQ:RDNT) traded up 0.44% during trading on Wednesday, reaching $11.45. 470,406 shares of the company’s stock traded hands. The firm has a market cap of $541.20 million, a price-to-earnings ratio of 60.26 and a beta of 0.95. RadNet has a one year low of $5.25 and a one year high of $11.90. The company has a 50 day moving average of $10.75 and a 200 day moving average of $7.97.
RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Tuesday, August 8th. The medical research company reported $0.11 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.07. The business had revenue of $230.00 million during the quarter, compared to the consensus estimate of $230.32 million. RadNet had a return on equity of 19.98% and a net margin of 1.04%. The company’s quarterly revenue was up 5.2% on a year-over-year basis. During the same quarter last year, the company earned $0.09 earnings per share. Equities research analysts predict that RadNet will post $0.30 EPS for the current year.
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In related news, Director Michael L. Md Sherman sold 8,035 shares of RadNet stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $11.02, for a total transaction of $88,545.70. Following the completion of the sale, the director now owns 301,957 shares of the company’s stock, valued at $3,327,566.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction dated Thursday, September 7th. The stock was sold at an average price of $10.98, for a total value of $274,500.00. Following the sale, the director now directly owns 274,108 shares of the company’s stock, valued at approximately $3,009,705.84. The disclosure for this sale can be found here. In the last three months, insiders sold 1,236,900 shares of company stock valued at $13,452,504. Corporate insiders own 9.36% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in RDNT. AJO LP acquired a new stake in shares of RadNet during the second quarter worth about $1,702,000. JPMorgan Chase & Co. lifted its holdings in shares of RadNet by 94.3% during the second quarter. JPMorgan Chase & Co. now owns 271,356 shares of the medical research company’s stock worth $2,104,000 after purchasing an additional 131,724 shares during the period. Ativo Capital Management LLC acquired a new stake in shares of RadNet during the second quarter worth about $961,000. OxFORD Asset Management LLP lifted its holdings in shares of RadNet by 58.5% during the second quarter. OxFORD Asset Management LLP now owns 325,198 shares of the medical research company’s stock worth $2,520,000 after purchasing an additional 120,055 shares during the period. Finally, Parallax Volatility Advisers L.P. lifted its holdings in shares of RadNet by 122.0% during the second quarter. Parallax Volatility Advisers L.P. now owns 21,122 shares of the medical research company’s stock worth $164,000 after purchasing an additional 117,148 shares during the period. 48.81% of the stock is owned by hedge funds and other institutional investors.
RadNet Company Profile
RadNet, Inc is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2016, the Company operated directly or indirectly through joint ventures, 305 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island.
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