RadNet (NASDAQ:RDNT) Rating Lowered to “Strong Sell” at Zacks Research

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

Several other research analysts also recently commented on the stock. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

RadNet Trading Down 0.8%

Shares of RadNet stock opened at $62.78 on Monday. The company’s 50-day moving average price is $57.74 and its 200-day moving average price is $62.92. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet has a 12-month low of $50.76 and a 12-month high of $85.84. The company has a market cap of $4.94 billion, a price-to-earnings ratio of -348.76 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. RadNet’s revenue was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.50) EPS. On average, equities analysts expect that RadNet will post 0.54 earnings per share for the current fiscal year.

Insider Activity at RadNet

In related news, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RadNet

A number of institutional investors have recently made changes to their positions in the stock. RTW Investments LP increased its position in shares of 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 last quarter. Polar Capital Holdings Plc bought a new stake in RadNet in the 3rd quarter worth approximately $63,423,000. Price T Rowe Associates Inc. MD lifted its position in RadNet by 30.3% in 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. Ameriprise Financial Inc. boosted its stake in RadNet by 79.7% in the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after buying an additional 618,392 shares in the last quarter. Finally, Defiance ETFs LLC purchased a new stake in RadNet in the fourth quarter worth approximately $37,019,000. Institutional investors own 77.90% of the company’s stock.

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.