RadNet (NASDAQ:RDNT) Rating Increased to Hold at Zacks Research

RadNet (NASDAQ:RDNT) was upgraded by analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Thursday,Zacks.com reports.

A number of other research analysts also recently commented on RDNT. Truist Financial increased their price target on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Barclays cut their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and an average target price of $88.00.

RadNet Trading Down 1.2%

NASDAQ RDNT opened at $76.35 on Thursday. The stock has a market cap of $6.01 billion, a P/E ratio of -282.77 and a beta of 1.36. The company’s fifty day simple moving average is $63.31 and its 200-day simple moving average is $61.90. The company has a current ratio of 1.48, a quick ratio of 1.17 and a debt-to-equity ratio of 0.94. RadNet has a 52 week low of $50.82 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same period last year, the business earned $0.31 EPS. The business’s revenue was up 25.0% on a year-over-year basis. Equities research analysts predict that RadNet will post 0.49 EPS for the current fiscal year.

Insider Activity

In other news, Director David L. Swartz sold 2,699 shares of the stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 5.14% of the company’s stock.

Institutional Trading of RadNet

A number of institutional investors and hedge funds have recently modified their holdings of RDNT. BlackRock Inc. bought a new position in RadNet in the second quarter worth about $675,768,000. JB Capital Partners LP bought a new stake in shares of RadNet in the 2nd quarter worth approximately $87,821,842,000. RTW Investments LP boosted its position in RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the period. Polar Capital Holdings Plc bought a new position in RadNet during the 3rd quarter worth $63,423,000. Finally, Price T Rowe Associates Inc. MD grew its stake in RadNet by 30.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after buying an additional 627,936 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.