Zacks Investment Research Upgrades RadNet (RDNT) to Buy

RadNet (NASDAQ:RDNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm currently has a $11.00 price objective on the medical research company’s stock. Zacks Investment Research‘s target price points to a potential upside of 3.77% from the stock’s current price.

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. “

Separately, TheStreet cut shares of RadNet from a “b-” rating to a “c” rating in a research report on Friday, October 27th.

Shares of RadNet (NASDAQ RDNT) opened at $10.60 on Thursday. The company has a market cap of $502.43, a PE ratio of 46.09, a PEG ratio of 2.22 and a beta of 0.83. The company has a debt-to-equity ratio of 7.88, a current ratio of 1.29 and a quick ratio of 1.29. RadNet has a 12-month low of $5.25 and a 12-month high of $11.90.

RadNet (NASDAQ:RDNT) last issued its earnings results on Thursday, November 9th. The medical research company reported $0.12 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.12. The business had revenue of $227.60 million during the quarter, compared to analysts’ expectations of $232.84 million. RadNet had a net margin of 1.21% and a return on equity of 23.73%. The company’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.11 earnings per share. sell-side analysts anticipate that RadNet will post 0.35 EPS for the current fiscal year.

In related news, insider John V. Crues sold 40,000 shares of the firm’s stock in a transaction dated Friday, November 17th. The shares were sold at an average price of $9.90, for a total transaction of $396,000.00. Following the completion of the sale, the insider now directly owns 623,781 shares in the company, valued at $6,175,431.90. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $9.96, for a total transaction of $49,800.00. Following the sale, the executive vice president now owns 365,087 shares of the company’s stock, valued at $3,636,266.52. The disclosure for this sale can be found here. Insiders sold 133,084 shares of company stock valued at $1,321,587 over the last quarter. Company insiders own 9.36% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in RDNT. JPMorgan Chase & Co. increased its position in RadNet by 85.7% during the third quarter. JPMorgan Chase & Co. now owns 503,880 shares of the medical research company’s stock worth $5,795,000 after purchasing an additional 232,524 shares during the last quarter. AJO LP acquired a new stake in RadNet during the second quarter worth about $1,702,000. EAM Investors LLC acquired a new stake in RadNet during the third quarter worth about $2,364,000. Ativo Capital Management LLC acquired a new stake in RadNet during the second quarter worth about $961,000. Finally, OxFORD Asset Management LLP increased its position in RadNet by 58.5% during the second quarter. OxFORD Asset Management LLP now owns 325,198 shares of the medical research company’s stock worth $2,520,000 after purchasing an additional 120,055 shares during the last quarter. Hedge funds and other institutional investors own 53.16% of the company’s stock.

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About RadNet

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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