RadNet, Inc. (RDNT) Lowered to Sell at Zacks Investment Research
Zacks Investment Research lowered shares of RadNet, Inc. (NASDAQ:RDNT) from a hold rating to a sell rating in a report published on Tuesday 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 research firms have also commented on RDNT. TheStreet upgraded shares of RadNet from a c rating to a b- rating in a research report on Thursday, August 24th. Jefferies Group LLC upgraded shares of RadNet from a hold rating to a buy rating and boosted their price objective for the stock from $7.00 to $12.00 in a research report on Tuesday, August 22nd. Finally, BidaskClub upgraded shares of RadNet from a buy rating to a strong-buy rating in a research report on Thursday, August 24th.
RadNet (NASDAQ:RDNT) traded up $0.10 during trading hours on Tuesday, hitting $9.80. 282,000 shares of the stock were exchanged, compared to its average volume of 203,784. The company has a debt-to-equity ratio of 7.88, a quick ratio of 1.29 and a current ratio of 1.29. RadNet has a fifty-two week low of $5.25 and a fifty-two week high of $11.90. The firm has a market cap of $461.95, a PE ratio of 32.33, a PEG ratio of 3.26 and a beta of 0.87.
RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Thursday, November 9th. The medical research company reported $0.12 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.12. RadNet had a net margin of 1.21% and a return on equity of 23.73%. The business had revenue of $227.60 million for the quarter, compared to analysts’ expectations of $232.84 million. During the same period in the prior year, the company posted $0.11 EPS. The business’s revenue for the quarter was up 1.3% on a year-over-year basis. analysts forecast that RadNet will post 0.35 EPS for the current year.
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In other news, major shareholder Sandy Nyholm Kaminsky sold 1,100,000 shares of the stock in a transaction dated Tuesday, October 3rd. The shares were sold at an average price of $10.95, for a total transaction of $12,045,000.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen M. Forthuber sold 18,500 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $8.38, for a total transaction of $155,030.00. Following the transaction, the insider now owns 406,922 shares in the company, valued at $3,410,006.36. The disclosure for this sale can be found here. Insiders sold a total of 1,226,796 shares of company stock worth $13,367,025 over the last quarter. Insiders own 9.36% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in shares of RadNet by 7.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,531,850 shares of the medical research company’s stock worth $11,872,000 after acquiring an additional 112,194 shares during the period. Vanguard Group Inc. lifted its holdings in shares of RadNet by 4.2% during the 2nd quarter. Vanguard Group Inc. now owns 1,284,852 shares of the medical research company’s stock worth $9,957,000 after acquiring an additional 51,229 shares during the period. State Street Corp lifted its holdings in shares of RadNet by 9.2% during the 2nd quarter. State Street Corp now owns 585,218 shares of the medical research company’s stock worth $4,538,000 after acquiring an additional 49,186 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of RadNet by 85.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 503,880 shares of the medical research company’s stock worth $5,795,000 after acquiring an additional 232,524 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of RadNet by 5.2% during the 2nd quarter. Northern Trust Corp now owns 436,407 shares of the medical research company’s stock worth $3,382,000 after acquiring an additional 21,746 shares during the period. Institutional investors and hedge funds own 48.39% of the company’s stock.
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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