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

Zacks Investment Research cut shares of RadNet (NASDAQ:RDNT) from a strong-buy rating to a hold rating in a research note 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 research firms have also weighed in on RDNT. Raymond James lowered RadNet from an outperform rating to a market perform rating in a research note on Thursday, August 12th. TheStreet lowered RadNet from a b- rating to a c rating in a research note on Monday, August 16th. Finally, Barclays started coverage on RadNet in a research note on Thursday, August 12th. They issued an overweight rating and a $39.00 price objective on the stock. Two analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Buy and an average target price of $36.25.

Shares of RDNT opened at $28.38 on Wednesday. RadNet has a 12-month low of $14.31 and a 12-month high of $38.84. The company has a quick ratio of 0.88, a current ratio of 0.88 and a debt-to-equity ratio of 2.50. The firm has a market capitalization of $1.51 billion, a price-to-earnings ratio of 61.70 and a beta of 1.67. The stock’s 50-day moving average price is $30.18 and its 200 day moving average price is $29.01.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Monday, August 9th. The medical research company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.13. RadNet had a return on equity of 12.71% and a net margin of 1.96%. The company had revenue of $333.90 million for the quarter, compared to analyst estimates of $325.09 million. During the same period in the prior year, the company posted ($0.16) EPS. The company’s revenue was up 75.2% compared to the same quarter last year. Equities research analysts expect that RadNet will post 0.75 EPS for the current year.

In other news, COO Norman R. Hames sold 35,000 shares of the business’s stock in a transaction that occurred on Friday, October 1st. The stock was sold at an average price of $28.57, for a total value of $999,950.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director David L. Swartz bought 4,519 shares of RadNet stock in a transaction dated Wednesday, August 11th. The stock was acquired at an average cost of $33.47 per share, for a total transaction of $151,250.93. The disclosure for this purchase can be found here. 5.80% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of RDNT. Swiss National Bank lifted its holdings in RadNet by 1.2% during the 1st quarter. Swiss National Bank now owns 100,300 shares of the medical research company’s stock worth $2,182,000 after buying an additional 1,200 shares in the last quarter. Acadian Asset Management LLC acquired a new position in RadNet during the 1st quarter worth $401,000. UBS Group AG lifted its holdings in RadNet by 430.5% during the 1st quarter. UBS Group AG now owns 22,280 shares of the medical research company’s stock worth $485,000 after buying an additional 18,080 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in RadNet by 17.5% during the 1st quarter. JPMorgan Chase & Co. now owns 216,439 shares of the medical research company’s stock worth $4,707,000 after buying an additional 32,277 shares in the last quarter. Finally, Ensign Peak Advisors Inc lifted its holdings in RadNet by 185.7% during the 1st quarter. Ensign Peak Advisors Inc now owns 12,000 shares of the medical research company’s stock worth $261,000 after buying an additional 7,800 shares in the last quarter. 67.06% of the stock is currently owned by hedge funds and other institutional investors.

About RadNet

RadNet, Inc provides freestanding, fixed-site outpatient diagnostic imaging services in the United States. Its centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and reduce unnecessary invasive procedures. The firm offers magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures.

Read More: What are high-yield dividend stocks?

Get a free copy of the Zacks research report on RadNet (RDNT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for RadNet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RadNet and related companies with MarketBeat.com's FREE daily email newsletter.