Zacks Investment Research upgraded shares of RadNet, Inc. (NASDAQ:RDNT) from a sell rating to a hold rating in a research report released on Wednesday morning.
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 brokerages have also recently issued reports on RDNT. TheStreet raised RadNet from a c rating to a b- rating in a research report on Thursday, August 24th. BidaskClub raised RadNet from a buy rating to a strong-buy rating in a research report on Thursday, August 24th. Finally, Jefferies Group LLC raised RadNet from a hold rating to a buy rating and upped their target price for the stock from $7.00 to $12.00 in a research report on Tuesday, August 22nd. Two research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. RadNet has a consensus rating of Buy and a consensus target price of $12.00.
RadNet (NASDAQ RDNT) traded down 4.52% during mid-day trading on Wednesday, hitting $10.55. 355,533 shares of the stock were exchanged. The company has a 50 day moving average price of $11.25 and a 200 day moving average price of $8.49. RadNet has a 52 week low of $5.25 and a 52 week high of $11.90. The stock has a market cap of $498.66 million, a price-to-earnings ratio of 55.53 and a beta of 0.95.
RadNet (NASDAQ:RDNT) last announced its earnings results on Tuesday, August 8th. The medical research company reported $0.11 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.04 by $0.07. The firm had revenue of $230.00 million during the quarter, compared to analysts’ expectations of $230.32 million. RadNet had a return on equity of 19.98% and a net margin of 1.04%. The company’s revenue was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. Analysts expect that RadNet will post $0.30 EPS for the current fiscal year.
In other RadNet news, major shareholder Sandy Nyholm Kaminsky sold 1,100,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 3rd. The stock was sold at an average price of $10.95, for a total transaction of $12,045,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jeffrey L. Linden sold 10,104 shares of the company’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $8.46, for a total value of $85,479.84. Following the sale, the insider now directly owns 970,297 shares of the company’s stock, valued at approximately $8,208,712.62. The disclosure for this sale can be found here. Insiders have sold 1,236,900 shares of company stock valued at $13,452,504 in the last ninety days. Company insiders own 9.36% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its position in RadNet by 1.9% during the second quarter. Wells Fargo & Company MN now owns 35,843 shares of the medical research company’s stock worth $278,000 after purchasing an additional 654 shares during the period. Bank of America Corp DE lifted its holdings in shares of RadNet by 5.9% during the first quarter. Bank of America Corp DE now owns 26,580 shares of the medical research company’s stock worth $157,000 after buying an additional 1,477 shares during the last quarter. American International Group Inc. lifted its holdings in shares of RadNet by 7.0% during the first quarter. American International Group Inc. now owns 22,857 shares of the medical research company’s stock worth $135,000 after buying an additional 1,500 shares during the last quarter. National Planning Corp lifted its holdings in shares of RadNet by 9.8% during the second quarter. National Planning Corp now owns 16,796 shares of the medical research company’s stock worth $132,000 after buying an additional 1,500 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of RadNet by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 33,305 shares of the medical research company’s stock worth $258,000 after buying an additional 1,997 shares during the last quarter. 48.87% of the stock is owned by hedge funds and other institutional investors.
RadNet Company Profile
RadNet, Inc is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2016, the Company operated directly or indirectly through joint ventures, 305 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island.