RadNet Inc. (RDNT) Rating Lowered to Hold at Craig Hallum
RadNet Inc. (NASDAQ:RDNT) was downgraded by Craig Hallum from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
Other research analysts have also issued research reports about the company. B. Riley reissued a “buy” rating and set a $9.00 price target on shares of RadNet in a research note on Saturday, September 3rd. Zacks Investment Research upgraded RadNet from a “hold” rating to a “buy” rating and set a $7.00 price objective for the company in a report on Saturday, August 13th. Finally, Jefferies Group restated a “hold” rating on shares of RadNet in a report on Friday, August 5th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $8.00.
Shares of RadNet (NASDAQ:RDNT) opened at 6.65 on Wednesday. The stock has a market capitalization of $308.77 million, a P/E ratio of 28.91 and a beta of 1.59. RadNet has a one year low of $4.66 and a one year high of $7.98. The firm’s 50-day moving average price is $7.26 and its 200-day moving average price is $6.16.
RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Wednesday, November 9th. The company reported $0.04 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by $0.07. RadNet had a return on equity of 43.03% and a net margin of 1.25%. The business had revenue of $224.60 million for the quarter, compared to analysts’ expectations of $223.31 million. During the same period in the prior year, the company earned $0.10 EPS. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. Equities research analysts anticipate that RadNet will post $0.26 EPS for the current fiscal year.
In related news, insider Jeffrey L. Linden sold 30,000 shares of the stock in a transaction on Tuesday, August 23rd. The stock was sold at an average price of $6.41, for a total value of $192,300.00. Following the completion of the sale, the insider now directly owns 963,709 shares in the company, valued at approximately $6,177,374.69. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen M. Forthuber sold 20,000 shares of the stock in a transaction on Monday, September 19th. The shares were sold at an average price of $7.18, for a total value of $143,600.00. Following the completion of the sale, the insider now owns 397,724 shares of the company’s stock, valued at $2,855,658.32. The disclosure for this sale can be found here. 9.18% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the stock. Weber Alan W increased its stake in shares of RadNet by 1.5% in the second quarter. Weber Alan W now owns 3,450,477 shares of the company’s stock valued at $18,426,000 after buying an additional 50,000 shares in the last quarter. Eqis Capital Management Inc. increased its stake in shares of RadNet by 2.6% in the second quarter. Eqis Capital Management Inc. now owns 1,267,006 shares of the company’s stock valued at $6,766,000 after buying an additional 32,250 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of RadNet by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,243,505 shares of the company’s stock valued at $6,640,000 after buying an additional 71,085 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of RadNet by 1.1% in the second quarter. Vanguard Group Inc. now owns 1,148,045 shares of the company’s stock valued at $6,130,000 after buying an additional 12,317 shares in the last quarter. Finally, BlackRock Fund Advisors increased its stake in shares of RadNet by 7.3% in the third quarter. BlackRock Fund Advisors now owns 1,032,708 shares of the company’s stock valued at $7,642,000 after buying an additional 70,010 shares in the last quarter. Hedge funds and other institutional investors own 47.36% of the company’s stock.
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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