RadNet (NASDAQ:RDNT) Downgraded 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 note released on Wednesday, 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 equities analysts have also issued research reports about the company. ValuEngine raised Yara International ASA from a sell rating to a hold rating in a research report on Tuesday, March 19th. BidaskClub raised Misonix from a buy rating to a strong-buy rating in a research report on Wednesday, July 3rd. TheStreet lowered TIM Participacoes from a b rating to a c+ rating in a research report on Tuesday, June 4th. Finally, Raymond James decreased their target price on Petrus Resources from C$1.25 to C$1.00 and set an outperform rating for the company in a research report on Friday, March 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. RadNet presently has a consensus rating of Hold and a consensus price target of $17.75.

RadNet stock traded up $0.22 during mid-day trading on Wednesday, reaching $14.22. The stock had a trading volume of 376,372 shares, compared to its average volume of 260,146. The firm has a market cap of $697.13 million, a P/E ratio of 21.55, a price-to-earnings-growth ratio of 5.26 and a beta of 1.10. The company’s 50-day moving average price is $13.12. RadNet has a one year low of $9.97 and a one year high of $16.54. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.72 and a quick ratio of 0.72.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, May 9th. The medical research company reported ($0.08) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.08). RadNet had a net margin of 3.53% and a return on equity of 22.38%. The company had revenue of $271.50 million for the quarter, compared to analysts’ expectations of $256.30 million. During the same quarter in the previous year, the business posted ($0.15) EPS. RadNet’s revenue was up 17.3% compared to the same quarter last year. On average, analysts forecast that RadNet will post 0.35 EPS for the current year.

In other RadNet news, insider Michael N. Murdock sold 21,667 shares of the business’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $13.23, for a total value of $286,654.41. Following the completion of the transaction, the insider now owns 100,575 shares of the company’s stock, valued at approximately $1,330,607.25. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Norman R. Hames sold 20,000 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $13.09, for a total value of $261,800.00. Following the completion of the transaction, the insider now directly owns 559,158 shares of the company’s stock, valued at approximately $7,319,378.22. The disclosure for this sale can be found here. In the last three months, insiders sold 61,667 shares of company stock valued at $811,454. 6.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDNT. Moab Capital Partners LLC increased its position in shares of RadNet by 46.0% during the 4th quarter. Moab Capital Partners LLC now owns 3,372,539 shares of the medical research company’s stock valued at $34,299,000 after purchasing an additional 1,062,592 shares during the last quarter. Dalton Greiner Hartman Maher & Co. increased its position in shares of RadNet by 262.5% during the 1st quarter. Dalton Greiner Hartman Maher & Co. now owns 1,197,068 shares of the medical research company’s stock valued at $14,832,000 after purchasing an additional 866,818 shares during the last quarter. Global Alpha Capital Management Ltd. increased its position in shares of RadNet by 63.1% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 897,148 shares of the medical research company’s stock valued at $11,116,000 after purchasing an additional 347,100 shares during the last quarter. Cortina Asset Management LLC increased its position in shares of RadNet by 32.5% during the 2nd quarter. Cortina Asset Management LLC now owns 1,167,254 shares of the medical research company’s stock valued at $16,096,000 after purchasing an additional 286,388 shares during the last quarter. Finally, Beck Mack & Oliver LLC increased its position in shares of RadNet by 27.7% during the 1st quarter. Beck Mack & Oliver LLC now owns 688,153 shares of the medical research company’s stock valued at $8,526,000 after purchasing an additional 149,250 shares during the last quarter. 63.97% of the stock is owned by hedge funds and other 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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