RadNet (RDNT) Upgraded to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of RadNet (NASDAQ:RDNT) from a hold rating to a buy rating in a report issued on Thursday. The firm currently has $11.00 price target on the medical research company’s stock.
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 lowered shares of RadNet from a b- rating to a c rating in a research note on Friday, October 27th.
Shares of RadNet (RDNT) traded up $0.15 on Thursday, hitting $10.60. 124,112 shares of the stock traded hands, compared to its average volume of 195,337. RadNet has a 52 week low of $5.25 and a 52 week high of $11.90. The firm has a market cap of $504.81, a price-to-earnings ratio of 46.09, a price-to-earnings-growth ratio of 2.31 and a beta of 0.83. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 7.88.
RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, November 9th. The medical research company reported $0.12 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.12. RadNet had a net margin of 1.21% and a return on equity of 23.73%. The company had revenue of $227.60 million for the quarter, compared to analyst estimates of $232.84 million. During the same quarter in the prior year, the business posted $0.11 EPS. RadNet’s quarterly revenue was up 1.3% on a year-over-year basis. research analysts anticipate that RadNet will post 0.35 EPS for the current year.
In related news, insider John V. Crues sold 40,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $6,175,431.90. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John V. Crues sold 20,000 shares of the company’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $10.08, for a total transaction of $201,600.00. Following the sale, the director now directly owns 563,781 shares of the company’s stock, valued at $5,682,912.48. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 133,084 shares of company stock valued at $1,321,587. 9.36% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of RDNT. Schwab Charles Investment Management Inc. boosted its holdings in shares of RadNet by 18.4% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 163,032 shares of the medical research company’s stock worth $1,264,000 after buying an additional 25,300 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in shares of RadNet by 19.2% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 142,781 shares of the medical research company’s stock worth $1,107,000 after buying an additional 23,018 shares during the period. Royce & Associates LP boosted its holdings in shares of RadNet by 50.0% during the 2nd quarter. Royce & Associates LP now owns 30,000 shares of the medical research company’s stock worth $233,000 after buying an additional 10,000 shares during the period. Prudential Financial Inc. boosted its holdings in shares of RadNet by 15.2% during the 2nd quarter. Prudential Financial Inc. now owns 20,410 shares of the medical research company’s stock worth $158,000 after buying an additional 2,700 shares during the period. Finally, Airain ltd bought a new stake in shares of RadNet during the 2nd quarter worth $100,000. 53.16% of the stock is owned by institutional investors and hedge funds.
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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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