RadNet, Inc. (RDNT) Raised to “Hold” at Zacks Investment Research

RadNet, Inc. (NASDAQ:RDNT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.

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 also recently commented on RDNT. TheStreet raised RadNet from a “c” rating to a “b-” rating in a report on Thursday, August 24th. BidaskClub raised RadNet from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 24th. Finally, Jefferies Group LLC raised RadNet from a “hold” rating to a “buy” rating and increased their price target for the company from $7.00 to $12.00 in a report on Tuesday, August 22nd. Two research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $12.00.

RadNet (NASDAQ RDNT) opened at 11.25 on Wednesday. The stock has a 50 day moving average price of $11.23 and a 200 day moving average price of $8.47. The stock has a market cap of $531.74 million, a PE ratio of 59.21 and a beta of 0.95. RadNet has a 52 week low of $5.25 and a 52 week high of $11.90.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Tuesday, August 8th. The medical research company reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.04 by $0.07. The firm had revenue of $230.00 million during the quarter, compared to the consensus estimate of $230.32 million. RadNet had a return on equity of 19.98% and a net margin of 1.04%. RadNet’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.09 earnings per share. On average, equities analysts predict that RadNet will post $0.30 earnings per share for the current year.

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In other RadNet news, Director Lawrence L. Levitt sold 6,189 shares of the stock in a transaction that occurred on Tuesday, September 19th. The stock was sold at an average price of $11.04, for a total transaction of $68,326.56. Following the transaction, the director now owns 198,937 shares of the company’s stock, valued at approximately $2,196,264.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Jeffrey L. Linden sold 10,104 shares of the 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 transaction, the insider now directly owns 970,297 shares in the company, valued at approximately $8,208,712.62. The disclosure for this sale can be found here. Insiders sold 1,236,900 shares of company stock valued at $13,452,504 in the last three months. 9.36% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in RDNT. AJO LP bought a new position in RadNet during the 2nd quarter worth approximately $1,702,000. JPMorgan Chase & Co. lifted its holdings in RadNet by 94.3% during the 2nd quarter. JPMorgan Chase & Co. now owns 271,356 shares of the medical research company’s stock worth $2,104,000 after buying an additional 131,724 shares during the last quarter. Ativo Capital Management LLC bought a new position in RadNet during the 2nd quarter worth approximately $961,000. OxFORD Asset Management LLP lifted its holdings in RadNet by 58.5% during the 2nd quarter. OxFORD Asset Management LLP now owns 325,198 shares of the medical research company’s stock worth $2,520,000 after buying an additional 120,055 shares during the last quarter. Finally, Parallax Volatility Advisers L.P. lifted its holdings in RadNet by 122.0% during the 2nd quarter. Parallax Volatility Advisers L.P. now owns 21,122 shares of the medical research company’s stock worth $164,000 after buying an additional 117,148 shares during the last quarter. 48.87% of the stock is currently owned by 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.

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