RadNet (NASDAQ:RDNT) Cut to “Strong Sell” at Zacks Research

RadNet (NASDAQ:RDNT) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Monday,Zacks.com reports.

Several other brokerages also recently weighed in on RDNT. Barclays lowered their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

RadNet Trading Down 0.8%

RDNT opened at $62.78 on Monday. The firm’s 50 day moving average is $57.74 and its 200-day moving average is $62.92. RadNet has a 52-week low of $50.76 and a 52-week high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The firm has a market capitalization of $4.94 billion, a P/E ratio of -348.76 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter last year, the company posted ($0.50) earnings per share. RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. Analysts expect that RadNet will post 0.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently bought and sold shares of the company. Crossmark Global Holdings Inc. raised its stake in RadNet by 3.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock valued at $360,000 after acquiring an additional 163 shares in the last quarter. Summit Financial LLC increased its holdings in shares of RadNet by 1.3% during the fourth quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock valued at $896,000 after purchasing an additional 166 shares during the period. Bank of Montreal Can increased its holdings in shares of RadNet by 3.3% during the fourth quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock valued at $396,000 after purchasing an additional 180 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of RadNet by 2.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company’s stock valued at $413,000 after purchasing an additional 207 shares in the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of RadNet by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock valued at $113,000 after purchasing an additional 225 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.