RadNet (NASDAQ:RDNT) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of RadNet (NASDAQ:RDNT) from a hold rating to a sell rating in a research report released on Wednesday morning, 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 equities analysts have also issued reports on RDNT. BidaskClub lowered RadNet from a buy rating to a hold rating in a research report on Wednesday. Sidoti raised their price target on RadNet from $17.00 to $23.00 and gave the stock a buy rating in a research report on Tuesday, May 26th.

Shares of RadNet stock opened at $15.89 on Wednesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 5.45. The firm has a market capitalization of $805.46 million, a PE ratio of 397.35 and a beta of 1.69. The business’s 50-day moving average price is $15.67 and its 200-day moving average price is $16.41. RadNet has a 12 month low of $5.81 and a 12 month high of $23.45.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.33) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.17) by ($0.16). RadNet had a return on equity of 1.56% and a net margin of 0.18%. The company had revenue of $281.60 million for the quarter, compared to the consensus estimate of $242.09 million. During the same quarter in the previous year, the business earned ($0.08) earnings per share. RadNet’s revenue was up 3.7% compared to the same quarter last year. As a group, analysts predict that RadNet will post -0.59 earnings per share for the current fiscal year.

In other news, insider Norman R. Hames sold 10,000 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $17.29, for a total value of $172,900.00. Following the sale, the insider now directly owns 537,619 shares in the company, valued at approximately $9,295,432.51. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $15.53, for a total value of $77,650.00. Following the completion of the sale, the insider now owns 527,619 shares in the company, valued at $8,193,923.07. The disclosure for this sale can be found here. 5.77% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC lifted its stake in shares of RadNet by 7.2% in the 1st quarter. Geode Capital Management LLC now owns 615,166 shares of the medical research company’s stock valued at $6,465,000 after purchasing an additional 41,127 shares during the period. Citigroup Inc. lifted its stake in shares of RadNet by 10.0% in the 1st quarter. Citigroup Inc. now owns 106,574 shares of the medical research company’s stock valued at $1,120,000 after purchasing an additional 9,710 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of RadNet by 626.2% in the 1st quarter. JPMorgan Chase & Co. now owns 100,598 shares of the medical research company’s stock valued at $1,057,000 after purchasing an additional 86,746 shares during the period. Mackenzie Financial Corp purchased a new position in shares of RadNet in the 1st quarter valued at approximately $819,000. Finally, State Street Corp lifted its stake in shares of RadNet by 7.3% in the 1st quarter. State Street Corp now owns 1,306,749 shares of the medical research company’s stock valued at $13,734,000 after purchasing an additional 88,973 shares during the period. Institutional investors own 70.39% of the company’s stock.

About RadNet

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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