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 note 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. “
RDNT has been the subject of several other reports. B. Riley reiterated a “buy” rating and set a $9.00 target price on shares of RadNet in a research report on Saturday, September 3rd. Jefferies Group reiterated a “hold” rating on shares of RadNet in a research report on Friday, August 5th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. RadNet has a consensus rating of “Hold” and an average target price of $8.25.
Shares of RadNet (NASDAQ:RDNT) opened at 7.47 on Wednesday. RadNet has a 1-year low of $4.66 and a 1-year high of $7.79. The company has a market capitalization of $346.85 million, a price-to-earnings ratio of 32.48 and a beta of 1.36. The stock has a 50 day moving average of $7.07 and a 200-day moving average of $5.83.
RadNet (NASDAQ:RDNT) last announced its earnings results on Tuesday, August 9th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.04 by $0.05. RadNet had a net margin of 1.25% and a return on equity of 43.03%. The business earned $224.60 million during the quarter, compared to analyst estimates of $220.09 million. During the same period in the previous year, the business posted $0.08 earnings per share. RadNet’s revenue for the quarter was up 7.0% on a year-over-year basis. Analysts forecast that RadNet will post $0.26 earnings per share for the current year.
In other RadNet news, VP Mark Stolper sold 35,414 shares of RadNet stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $6.25, for a total transaction of $221,337.50. Following the transaction, the vice president now directly owns 170,319 shares of the company’s stock, valued at $1,064,493.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephen M. Forthuber sold 20,000 shares of RadNet stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $7.18, for a total transaction of $143,600.00. Following the transaction, the insider now directly owns 397,724 shares in the company, valued at $2,855,658.32. The disclosure for this sale can be found here. Company insiders own 9.18% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of Montreal Can acquired a new position in RadNet during the second quarter valued at 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 valued at $114,000 after buying an additional 1,243 shares during the period. 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 valued at $166,000 after buying an additional 4,522 shares during the period. Rhumbline Advisers increased its position in shares of RadNet by 5.0% in the second quarter. Rhumbline Advisers now owns 35,350 shares of the company’s stock valued at $189,000 after buying an additional 1,685 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. purchased a new position in shares of RadNet during the second quarter valued at approximately $330,000. 47.04% 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. 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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