Zacks Investment Research lowered shares of RadNet, Inc. (NASDAQ:RDNT) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.
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 analysts also recently commented on RDNT. Jefferies Group LLC raised shares of RadNet from a hold rating to a buy rating and boosted their target price for the stock from $7.00 to $12.00 in a research report on Tuesday, August 22nd. BidaskClub raised shares of RadNet from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. Finally, TheStreet raised shares of RadNet from a c rating to a b- rating in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of Buy and an average target price of $12.00.
Shares of RadNet (RDNT) traded down 0.87% during trading on Wednesday, hitting $11.40. 402,858 shares of the stock were exchanged. The stock has a market cap of $538.83 million, a price-to-earnings ratio of 60.00 and a beta of 0.95. RadNet has a 12-month low of $5.25 and a 12-month high of $11.90. The stock’s 50 day moving average is $10.57 and its 200-day moving average is $7.90.
RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Tuesday, August 8th. The medical research company reported $0.11 EPS for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.07. RadNet had a net margin of 1.04% and a return on equity of 19.98%. The firm had revenue of $230.00 million for the quarter, compared to the consensus estimate of $230.32 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The firm’s revenue was up 5.2% on a year-over-year basis. Equities research analysts anticipate that RadNet will post $0.30 EPS for the current year.
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In other RadNet news, insider Stephen M. Forthuber sold 18,500 shares of the business’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $8.38, for a total value of $155,030.00. Following the sale, the insider now owns 406,922 shares of the company’s stock, valued at approximately $3,410,006.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence L. Levitt sold 6,189 shares of the business’s stock in a transaction on Tuesday, September 19th. The shares were sold at an average price of $11.04, for a total transaction of $68,326.56. Following the completion of the sale, the director now directly owns 198,937 shares in the company, valued at approximately $2,196,264.48. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,236,900 shares of company stock valued at $13,452,504. Corporate insiders own 9.36% of the company’s stock.
Institutional investors have recently made changes to their positions in the business. Airain ltd bought a new stake in RadNet in the 2nd quarter valued at $100,000. Campbell & CO Investment Adviser LLC bought a new stake in shares of RadNet in the 2nd quarter worth about $102,000. Prudential Financial Inc. grew its holdings in shares of RadNet by 29.2% in the 1st quarter. Prudential Financial Inc. now owns 17,710 shares of the medical research company’s stock worth $104,000 after purchasing an additional 4,000 shares during the last quarter. Royce & Associates LP bought a new stake in shares of RadNet in the 1st quarter worth about $118,000. Finally, Spark Investment Management LLC bought a new stake in shares of RadNet in the 1st quarter worth about $125,000. 48.81% of the stock is currently 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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