RadNet, Inc. (RDNT) Downgraded to Sell at Zacks Investment Research

RadNet, Inc. (NASDAQ:RDNT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Tuesday.

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. “

A number of other analysts have also commented on RDNT. TheStreet lowered shares of RadNet from a “b-” rating to a “c” rating in a research note on Friday, October 27th. BidaskClub raised shares of RadNet from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 24th. Finally, Jefferies Group LLC raised shares of RadNet from a “hold” rating to a “buy” rating and increased their price target for the stock from $7.00 to $12.00 in a research report on Tuesday, August 22nd.

Shares of RadNet (RDNT) opened at $9.70 on Tuesday. 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 52 week low of $5.25 and a 52 week high of $11.90. The company has a market cap of $476.24, a PE ratio of 33.33 and a beta of 0.87.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Thursday, November 9th. The medical research company reported $0.12 EPS for the quarter, meeting analysts’ consensus estimates of $0.12. RadNet had a net margin of 1.21% and a return on equity of 23.73%. The company had revenue of $227.60 million during the quarter, compared to analyst estimates of $232.84 million. During the same period in the prior year, the firm earned $0.11 earnings per share. The business’s quarterly revenue was up 1.3% on a year-over-year basis. equities research analysts predict that RadNet will post 0.35 EPS for the current fiscal year.

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In related news, major shareholder Sandy Nyholm Kaminsky sold 1,100,000 shares of the firm’s stock in a transaction that occurred on 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 at this hyperlink. Also, insider Stephen M. Forthuber sold 18,500 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $8.38, for a total transaction of $155,030.00. Following the transaction, the insider now directly owns 406,922 shares in the company, valued at approximately $3,410,006.36. The disclosure for this sale can be found here. Insiders sold 1,226,796 shares of company stock valued at $13,367,025 over the last three months. 9.36% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Hillsdale Investment Management Inc. bought a new position in RadNet during the third quarter valued at approximately $1,142,000. Schwab Charles Investment Management Inc. raised its position in RadNet by 12.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 184,032 shares of the medical research company’s stock valued at $2,126,000 after acquiring an additional 21,000 shares in the last quarter. Wells Fargo & Company MN raised its position in RadNet by 46.6% during the third quarter. Wells Fargo & Company MN now owns 52,551 shares of the medical research company’s stock valued at $607,000 after acquiring an additional 16,708 shares in the last quarter. Cadence Capital Management LLC raised its position in RadNet by 5.1% during the third quarter. Cadence Capital Management LLC now owns 190,702 shares of the medical research company’s stock valued at $2,203,000 after acquiring an additional 9,240 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in RadNet by 85.7% during the third quarter. JPMorgan Chase & Co. now owns 503,880 shares of the medical research company’s stock valued at $5,795,000 after acquiring an additional 232,524 shares in the last quarter. 48.39% 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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