RadNet, Inc. (RDNT) Raised to “Hold” at Zacks Investment Research

RadNet, Inc. (NASDAQ:RDNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, October 25th.

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 equities analysts have also weighed in on the company. Jefferies Group LLC upgraded RadNet from a “hold” rating to a “buy” rating and upped their target price for the stock from $7.00 to $12.00 in a research note on Tuesday, August 22nd. BidaskClub upgraded RadNet from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 24th. Finally, TheStreet upgraded RadNet from a “c” rating to a “b-” rating in a research note on Thursday, August 24th.

RadNet (NASDAQ RDNT) opened at $10.00 on Wednesday. The company has a debt-to-equity ratio of 9.45, a quick ratio of 1.37 and a current ratio of 1.37. RadNet has a 1 year low of $5.25 and a 1 year high of $11.90. The company has a market capitalization of $476.24, a price-to-earnings ratio of 33.33 and a beta of 0.87.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Thursday, November 9th. The medical research company reported $0.12 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.12. RadNet had a return on equity of 25.60% and a net margin of 1.21%. The company had revenue of $227.60 million for the quarter, compared to analyst estimates of $232.84 million. During the same period in the previous year, the company posted $0.11 EPS. The firm’s revenue for the quarter was up 1.3% compared to the same quarter last year. sell-side analysts forecast that RadNet will post 0.35 earnings per share for the current fiscal year.

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In related news, insider Jeffrey L. Linden sold 10,104 shares of the stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $8.46, for a total transaction of $85,479.84. Following the completion of the sale, the insider now directly owns 970,297 shares in the company, valued at approximately $8,208,712.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the stock in a transaction dated Thursday, September 7th. The shares were sold at an average price of $10.98, for a total value of $274,500.00. Following the sale, the director now owns 274,108 shares of the company’s stock, valued at $3,009,705.84. The disclosure for this sale can be found here. Insiders have sold a total of 1,236,900 shares of company stock worth $13,452,504 over the last quarter. Corporate insiders own 9.36% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its holdings in RadNet by 7.9% in 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 buying an additional 112,194 shares during the period. Vanguard Group Inc. lifted its holdings in RadNet by 4.2% in the 2nd quarter. Vanguard Group Inc. now owns 1,284,852 shares of the medical research company’s stock worth $9,957,000 after buying an additional 51,229 shares during the period. State Street Corp lifted its holdings in RadNet by 9.2% in the 2nd quarter. State Street Corp now owns 585,218 shares of the medical research company’s stock worth $4,538,000 after buying an additional 49,186 shares during the period. JPMorgan Chase & Co. lifted its holdings in RadNet by 85.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 503,880 shares of the medical research company’s stock worth $5,795,000 after buying an additional 232,524 shares during the period. Finally, Northern Trust Corp lifted its holdings in RadNet by 5.2% in the 2nd quarter. Northern Trust Corp now owns 436,407 shares of the medical research company’s stock worth $3,382,000 after buying an additional 21,746 shares during the period. Institutional investors and hedge funds own 48.61% of the company’s stock.

About RadNet

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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