RadNet (RDNT) Upgraded to Buy by Zacks Investment Research

RadNet (NASDAQ:RDNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $11.00 price objective on the medical research company’s stock. Zacks Investment Research‘s price target points to a potential upside of 3.77% from the stock’s current price.

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. “

Separately, TheStreet cut shares of RadNet from a “b-” rating to a “c” rating in a research report on Friday, October 27th.

Shares of RadNet (RDNT) traded up $0.15 during mid-day trading on Thursday, reaching $10.60. The company had a trading volume of 124,112 shares, compared to its average volume of 195,337. RadNet has a 1-year low of $5.25 and a 1-year high of $11.90. The company has a market cap of $504.81, a price-to-earnings ratio of 46.09, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The company has a debt-to-equity ratio of 7.88, a current ratio of 1.29 and a quick ratio of 1.29.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, November 9th. The medical research company reported $0.12 EPS for the quarter, meeting analysts’ consensus estimates of $0.12. RadNet had a return on equity of 23.73% and a net margin of 1.21%. The company had revenue of $227.60 million during the quarter, compared to the consensus estimate of $232.84 million. During the same quarter in the prior year, the firm earned $0.11 EPS. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. sell-side analysts forecast that RadNet will post 0.35 EPS for the current fiscal year.

In other news, insider John V. Crues sold 40,000 shares of RadNet stock in a transaction on Friday, November 17th. The shares were sold at an average price of $9.90, for a total transaction of $396,000.00. Following the transaction, the insider now directly owns 623,781 shares of the company’s stock, valued at $6,175,431.90. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John V. Crues sold 20,000 shares of RadNet stock in a transaction on Friday, December 1st. The stock was sold at an average price of $10.08, for a total transaction of $201,600.00. Following the transaction, the director now directly owns 563,781 shares in the company, valued at $5,682,912.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 133,084 shares of company stock worth $1,321,587. Insiders own 9.36% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Airain ltd purchased a new position in RadNet during the 2nd quarter valued at $100,000. Prudential Financial Inc. raised its holdings in RadNet by 15.2% during the second quarter. Prudential Financial Inc. now owns 20,410 shares of the medical research company’s stock worth $158,000 after purchasing an additional 2,700 shares during the last quarter. Parallax Volatility Advisers L.P. raised its holdings in 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 last quarter. Voya Investment Management LLC raised its holdings in RadNet by 19.5% during the second quarter. Voya Investment Management LLC now owns 21,726 shares of the medical research company’s stock worth $168,000 after purchasing an additional 3,546 shares during the last quarter. Finally, Cubist Systematic Strategies LLC acquired a new position in RadNet during the third quarter worth $195,000. 53.16% of the stock is currently owned by institutional investors and hedge funds.

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About RadNet

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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