RadNet (NASDAQ:RDNT) Cut to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of RadNet (NASDAQ:RDNT) from a buy rating to a hold rating in a research note published on Saturday 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. “

Other analysts also recently issued research reports about the stock. Sidoti increased their target price on shares of RadNet from $18.00 to $20.00 and gave the company a buy rating in a report on Wednesday, November 13th. BidaskClub downgraded shares of RadNet from a buy rating to a hold rating in a report on Tuesday, October 29th. Finally, Raymond James increased their target price on shares of RadNet from $16.00 to $18.50 and gave the company an outperform rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $18.83.

RDNT traded down $0.23 during trading on Friday, hitting $17.58. 8,417,800 shares of the company’s stock were exchanged, compared to its average volume of 291,416. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. The business’s 50 day moving average is $15.31 and its two-hundred day moving average is $14.24. RadNet has a fifty-two week low of $9.97 and a fifty-two week high of $18.44. The stock has a market cap of $904.39 million, a P/E ratio of 26.64, a PEG ratio of 11.42 and a beta of 0.86.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Tuesday, November 12th. The medical research company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.05). RadNet had a return on equity of 16.52% and a net margin of 3.02%. The business had revenue of $292.70 million for the quarter, compared to analyst estimates of $283.39 million. During the same quarter in the previous year, the company posted $0.10 EPS. The business’s quarterly revenue was up 20.9% on a year-over-year basis. On average, sell-side analysts forecast that RadNet will post 0.21 earnings per share for the current year.

In other news, Director John V. Crues sold 20,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $17.78, for a total value of $355,600.00. Following the completion of the sale, the director now owns 434,097 shares in the company, valued at $7,718,244.66. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 6.10% of the company’s stock.

Several hedge funds have recently made changes to their positions in RDNT. Russell Investments Group Ltd. purchased a new stake in shares of RadNet in the second quarter valued at about $8,699,000. Beck Mack & Oliver LLC increased its holdings in RadNet by 54.8% during the second quarter. Beck Mack & Oliver LLC now owns 1,065,134 shares of the medical research company’s stock worth $14,688,000 after buying an additional 376,981 shares during the last quarter. Tamarack Advisers LP purchased a new stake in RadNet during the third quarter worth about $4,667,000. Cortina Asset Management LLC increased its holdings in RadNet by 32.5% during the second quarter. Cortina Asset Management LLC now owns 1,167,254 shares of the medical research company’s stock worth $16,096,000 after buying an additional 286,388 shares during the last quarter. Finally, Global Alpha Capital Management Ltd. increased its holdings in RadNet by 31.9% during the second quarter. Global Alpha Capital Management Ltd. now owns 1,183,429 shares of the medical research company’s stock worth $16,319,000 after buying an additional 286,281 shares during the last quarter. Institutional investors own 64.43% 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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