RadNet (NASDAQ:RDNT) Stock Rating Lowered by Zacks Research

RadNet (NASDAQ:RDNT) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Wednesday,Zacks.com reports.

A number of other research firms have also weighed in on RDNT. Morgan Stanley raised RadNet to an “overweight” rating in a research report on Monday, August 11th. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 price objective on shares of RadNet in a research note on Friday. Weiss Ratings reiterated a “sell (d)” rating on shares of RadNet in a research note on Wednesday, October 8th. Truist Financial raised their price target on RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, Barclays upped their price objective on RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

RadNet Trading Up 2.3%

Shares of RDNT stock traded up $1.69 during trading hours on Wednesday, hitting $75.15. The company had a trading volume of 1,003,387 shares, compared to its average volume of 792,970. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $5.80 billion, a PE ratio of -375.73 and a beta of 1.58. The company’s fifty day moving average is $76.52 and its 200 day moving average is $65.10. RadNet has a fifty-two week low of $45.00 and a fifty-two week high of $85.42.

RadNet (NASDAQ:RDNT) last announced its earnings results on Sunday, November 9th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The firm had revenue of $522.87 million during the quarter, compared to analysts’ expectations of $494.19 million. During the same period in the previous year, the firm earned $0.18 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. Research analysts expect that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In related news, COO Norman R. Hames sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total transaction of $727,400.00. Following the sale, the chief operating officer owned 239,183 shares of the company’s stock, valued at approximately $17,398,171.42. The trade was a 4.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Stolper sold 35,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total value of $2,586,150.00. Following the sale, the executive vice president directly owned 68,012 shares in the company, valued at $5,025,406.68. This trade represents a 33.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 118,098 shares of company stock valued at $8,269,445 over the last 90 days. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Farther Finance Advisors LLC lifted its stake in shares of RadNet by 1,086.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock valued at $33,000 after purchasing an additional 402 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in RadNet by 62.2% in the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after buying an additional 171 shares during the period. Salomon & Ludwin LLC purchased a new position in RadNet in the third quarter valued at approximately $37,000. Headlands Technologies LLC acquired a new position in RadNet during the first quarter valued at approximately $28,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of RadNet in the second quarter worth $35,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. 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.