RadNet (NASDAQ:RDNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, Zacks.com reports.
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. “
RDNT has been the topic of several other reports. ValuEngine cut shares of RadNet from a “buy” rating to a “hold” rating in a research report on Tuesday, March 19th. Raymond James cut shares of RadNet from a “strong-buy” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $17.50 in a research report on Friday, March 15th. They noted that the move was a valuation call. BidaskClub raised shares of RadNet from a “hold” rating to a “buy” rating in a research report on Saturday, February 2nd. Finally, TheStreet raised shares of RadNet from a “c” rating to a “b-” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $17.75.
RDNT opened at $13.17 on Tuesday. The firm has a market capitalization of $681.61 million, a P/E ratio of 19.95, a P/E/G ratio of 4.93 and a beta of 1.16. RadNet has a 12 month low of $9.97 and a 12 month high of $16.54. The company has a current ratio of 0.72, a quick ratio of 0.87 and a debt-to-equity ratio of 4.74.
RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Thursday, May 9th. The medical research company reported ($0.08) EPS for the quarter, meeting the consensus estimate of ($0.08). The business had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $256.30 million. RadNet had a net margin of 3.53% and a return on equity of 22.38%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.15) EPS. As a group, equities analysts forecast that RadNet will post 0.34 EPS for the current year.
In other RadNet news, Director David L. Swartz sold 11,556 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $14.72, for a total transaction of $170,104.32. Following the sale, the director now directly owns 265,855 shares of the company’s stock, valued at approximately $3,913,385.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Michael L. Md Sherman sold 20,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $13.89, for a total transaction of $277,800.00. Following the sale, the director now directly owns 279,720 shares in the company, valued at $3,885,310.80. The disclosure for this sale can be found here. Insiders have sold a total of 46,556 shares of company stock worth $672,754 over the last three months. Insiders own 7.56% of the company’s stock.
A number of large investors have recently modified their holdings of the business. Citigroup Inc. lifted its position in RadNet by 12.9% during the 1st quarter. Citigroup Inc. now owns 11,089 shares of the medical research company’s stock worth $138,000 after buying an additional 1,271 shares in the last quarter. Northern Trust Corp increased its stake in shares of RadNet by 0.3% during the 4th quarter. Northern Trust Corp now owns 518,399 shares of the medical research company’s stock worth $5,272,000 after purchasing an additional 1,521 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of RadNet by 157.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,624 shares of the medical research company’s stock worth $37,000 after purchasing an additional 2,218 shares during the last quarter. Adalta Capital Management LLC increased its stake in shares of RadNet by 8.0% during the 4th quarter. Adalta Capital Management LLC now owns 32,581 shares of the medical research company’s stock worth $331,000 after purchasing an additional 2,400 shares during the last quarter. Finally, US Bancorp DE acquired a new position in shares of RadNet during the 1st quarter worth about $31,000. 64.05% of the stock is currently owned by hedge funds and other institutional investors.
RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.
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