RadNet (NASDAQ:RDNT) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of RadNet (NASDAQ:RDNT) from a buy rating to a hold rating in a report issued on Saturday, 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. “

RDNT has been the topic of a number of other research reports. BidaskClub downgraded RadNet from a buy rating to a hold rating in a report on Tuesday, October 29th. Raymond James increased their price objective on RadNet from $16.00 to $18.50 and gave the company an outperform rating in a report on Wednesday, November 13th. Finally, Sidoti increased their price objective on RadNet from $18.00 to $20.00 and gave the company a buy rating in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $18.83.

NASDAQ RDNT traded down $0.23 during trading hours on Friday, hitting $17.58. 8,417,865 shares of the company were exchanged, compared to its average volume of 291,415. The company has a 50 day moving average of $15.31 and a two-hundred day moving average of $14.24. The company has a quick ratio of 0.77, a current ratio of 0.77 and a debt-to-equity ratio of 5.01. RadNet has a 52-week low of $9.97 and a 52-week high of $18.44. The firm has a market cap of $904.39 million, a price-to-earnings ratio of 26.64, a PEG ratio of 11.42 and a beta of 0.86.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Tuesday, November 12th. The medical research company reported $0.06 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.05). RadNet had a return on equity of 16.52% and a net margin of 3.02%. The company had revenue of $292.70 million for the quarter, compared to analysts’ expectations of $283.39 million. During the same quarter last year, the company earned $0.10 EPS. RadNet’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities research analysts predict that RadNet will post 0.21 EPS for the current year.

In other news, Director John V. Crues sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $18.01, for a total value of $360,200.00. Following the transaction, the director now owns 414,097 shares in the company, valued at approximately $7,457,886.97. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.10% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Aperio Group LLC purchased a new position in RadNet during the 2nd quarter worth approximately $36,000. Oppenheimer Asset Management Inc. purchased a new position in RadNet during the 2nd quarter worth approximately $40,000. US Bancorp DE grew its stake in RadNet by 34.0% during the 2nd quarter. US Bancorp DE now owns 3,325 shares of the medical research company’s stock worth $46,000 after buying an additional 844 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in RadNet by 11.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 11,390 shares of the medical research company’s stock worth $157,000 after buying an additional 1,132 shares during the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in RadNet during the 2nd quarter worth approximately $176,000. Hedge funds and other institutional investors own 64.43% of the company’s stock.

About RadNet

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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