RadNet (NASDAQ:RDNT) Downgraded to “Sell” at Zacks Investment Research

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Zacks Investment Research lowered shares of RadNet (NASDAQ:RDNT) from a hold rating to a sell rating in a research report released on Tuesday, 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. “

A number of other equities analysts also recently commented on RDNT. TheStreet downgraded shares of RadNet from a b- rating to a c rating in a research note on Tuesday, June 4th. BidaskClub raised RadNet from a buy rating to a strong-buy rating in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $17.75.

Shares of NASDAQ:RDNT opened at $14.47 on Tuesday. The company has a market capitalization of $758.42 million, a price-to-earnings ratio of 21.31, a price-to-earnings-growth ratio of 6.11 and a beta of 1.02. RadNet has a 52 week low of $9.97 and a 52 week high of $16.54. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 5.09. The firm has a 50 day moving average of $14.65 and a 200 day moving average of $13.56.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Thursday, August 8th. The medical research company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $289.10 million during the quarter, compared to the consensus estimate of $272.36 million. RadNet had a return on equity of 18.91% and a net margin of 3.33%. The business’s quarterly revenue was up 18.3% on a year-over-year basis. During the same period last year, the firm earned $0.11 EPS. On average, sell-side analysts expect that RadNet will post 0.33 EPS for the current year.

In other news, insider Michael N. Murdock sold 21,667 shares of the company’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $13.23, for a total transaction of $286,654.41. Following the transaction, the insider now directly owns 100,575 shares of the company’s stock, valued at $1,330,607.25. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Norman R. Hames sold 20,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $13.09, for a total value of $261,800.00. Following the transaction, the insider now directly owns 559,158 shares in the company, valued at $7,319,378.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 142,370 shares of company stock worth $2,071,305. Insiders own 6.10% of the company’s stock.

Several hedge funds have recently modified their holdings of RDNT. Russell Investments Group Ltd. acquired a new position in shares of RadNet during the second quarter worth $8,699,000. Beck Mack & Oliver LLC increased its position in shares of 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 purchasing an additional 376,981 shares in the last quarter. Global Alpha Capital Management Ltd. increased its position in shares of RadNet by 63.1% during the first quarter. Global Alpha Capital Management Ltd. now owns 897,148 shares of the medical research company’s stock worth $11,116,000 after purchasing an additional 347,100 shares in the last quarter. Cortina Asset Management LLC increased its position in shares of 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 purchasing an additional 286,388 shares in the last quarter. Finally, Nuveen Asset Management LLC acquired a new position in shares of RadNet during the second quarter worth $3,332,000. 65.54% of the stock is currently owned by institutional investors and hedge funds.

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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