Zacks Investment Research Downgrades RadNet (RDNT) to Hold

Zacks Investment Research downgraded shares of RadNet (NASDAQ:RDNT) from a buy rating to a hold 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. “

RDNT has been the topic of a number of other reports. BidaskClub cut RadNet from a hold rating to a sell rating in a report on Friday, December 21st. Raymond James cut RadNet from a strong-buy rating to an outperform rating and raised their target price for the stock from $16.00 to $17.50 in a report on Friday, March 15th. They noted that the move was a valuation call. ValuEngine cut RadNet from a buy rating to a hold rating in a report on Tuesday. Finally, TheStreet raised RadNet from a c rating to a b- rating in a report on Friday, March 15th. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. RadNet presently has a consensus rating of Buy and a consensus price target of $17.75.

NASDAQ RDNT opened at $14.24 on Tuesday. The firm has a market cap of $719.32 million, a PE ratio of 21.58, a PEG ratio of 3.79 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 4.56. RadNet has a 1-year low of $9.97 and a 1-year high of $16.54.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Thursday, March 14th. The medical research company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.41. RadNet had a return on equity of 32.03% and a net margin of 3.31%. The firm had revenue of $257.21 million for the quarter, compared to analysts’ expectations of $248.21 million. During the same period in the prior year, the firm earned ($0.15) EPS. The company’s revenue was up 9.2% compared to the same quarter last year. As a group, analysts forecast that RadNet will post 0.49 EPS for the current fiscal year.

In related news, insider Norman R. Hames sold 15,000 shares of the firm’s stock in a transaction on Thursday, December 20th. The stock was sold at an average price of $10.40, for a total value of $156,000.00. Following the transaction, the insider now directly owns 559,000 shares of the company’s stock, valued at approximately $5,813,600. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 7.56% of the stock is currently owned by company insiders.

A number of institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. bought a new stake in RadNet during the fourth quarter valued at about $36,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in RadNet by 157.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,624 shares of the medical research company’s stock valued at $37,000 after acquiring an additional 2,218 shares during the period. Financial Gravity Companies Inc. bought a new stake in RadNet during the fourth quarter valued at about $60,000. Bell & Brown Wealth Advisors LLC bought a new stake in RadNet during the fourth quarter valued at about $102,000. Finally, Virtu Financial LLC bought a new stake in RadNet during the fourth quarter valued at about $115,000. 63.37% of the stock is currently owned by institutional investors.

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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