RadNet (NASDAQ:RDNT) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research lowered shares of RadNet (NASDAQ:RDNT) from a hold rating to a strong sell rating in a report issued on Monday,Zacks.com reports.

Several other research analysts also recently commented on the stock. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Barclays dropped their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $87.43.

RadNet Stock Down 0.8%

Shares of NASDAQ:RDNT opened at $62.78 on Monday. The stock has a market capitalization of $4.94 billion, a P/E ratio of -348.76 and a beta of 1.37. The stock’s 50-day moving average price is $57.74 and its 200-day moving average price is $62.92. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet has a 12-month low of $50.76 and a 12-month high of $85.84.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. During the same period last year, the firm posted ($0.50) EPS. The company’s revenue was up 22.1% on a year-over-year basis. On average, equities analysts anticipate that RadNet will post 0.54 earnings per share for the current year.

Insider Activity at RadNet

In related news, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently modified their holdings of RDNT. Geneos Wealth Management Inc. bought a new position in RadNet in the fourth quarter worth about $25,000. Allworth Financial LP grew its holdings in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S purchased a new position in shares of RadNet during the 3rd quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in shares of RadNet in the 4th quarter worth approximately $36,000. Finally, Harbour Investments Inc. bought a new position in shares of RadNet in the 4th quarter worth approximately $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.