Zacks Investment Research Downgrades RadNet (NASDAQ:RDNT) to Sell

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

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 brokerages also recently commented on RDNT. TheStreet downgraded RadNet from a “b-” rating to a “c” rating in a research note on Tuesday, June 4th. BidaskClub cut RadNet from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $17.75.

Shares of RadNet stock traded down $0.04 during mid-day trading on Wednesday, reaching $15.00. 4,217 shares of the stock were exchanged, compared to its average volume of 223,818. The company has a market cap of $766.99 million, a price-to-earnings ratio of 22.89, a price-to-earnings-growth ratio of 5.72 and a beta of 0.93. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 5.09. The firm has a 50-day simple moving average of $14.56 and a 200 day simple moving average of $13.59. RadNet has a fifty-two week low of $9.97 and a fifty-two week high of $16.54.

RadNet (NASDAQ:RDNT) last announced its earnings results on Thursday, August 8th. The medical research company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). RadNet had a return on equity of 18.91% and a net margin of 3.33%. The firm had revenue of $289.10 million for the quarter, compared to analyst estimates of $272.36 million. During the same quarter last year, the business earned $0.11 EPS. The company’s revenue for the quarter was up 18.3% compared to the same quarter last year. On average, research analysts predict that RadNet will post 0.33 EPS for the current fiscal year.

In other RadNet news, insider Norman R. Hames sold 20,000 shares of RadNet stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $13.09, for a total value of $261,800.00. Following the transaction, the insider now directly owns 559,158 shares of the company’s stock, valued at approximately $7,319,378.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Michael L. Md Sherman sold 30,000 shares of RadNet stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $15.19, for a total value of $455,700.00. Following the completion of the transaction, the director now directly owns 259,083 shares in the company, valued at $3,935,470.77. The disclosure for this sale can be found here. Insiders sold a total of 120,703 shares of company stock worth $1,784,650 over the last ninety days. Insiders own 6.10% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its stake in shares of RadNet by 26.0% during the fourth quarter. Bank of America Corp DE now owns 52,340 shares of the medical research company’s stock worth $532,000 after buying an additional 10,811 shares during the period. Dimensional Fund Advisors LP grew its position in RadNet by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,581,140 shares of the medical research company’s stock worth $16,081,000 after acquiring an additional 12,736 shares in the last quarter. BNP Paribas Arbitrage SA grew its position in RadNet by 485.7% in the first quarter. BNP Paribas Arbitrage SA now owns 8,399 shares of the medical research company’s stock worth $104,000 after acquiring an additional 6,965 shares in the last quarter. SG Americas Securities LLC bought a new stake in RadNet in the first quarter worth approximately $116,000. Finally, Quantamental Technologies LLC bought a new stake in RadNet in the first quarter worth approximately $34,000. Hedge funds and other institutional investors own 61.62% of the company’s stock.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.

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