RadNet (NASDAQ:RDNT) Downgraded to Sell Rating by Wall Street Zen

RadNet (NASDAQ:RDNT - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a note issued to investors on Thursday.

A number of other equities analysts also recently weighed in on RDNT. Raymond James raised shares of RadNet from an "outperform" rating to a "strong-buy" rating and dropped their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Truist Financial lowered their target price on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Barclays dropped their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $69.75.

RadNet Stock Down 0.8%

NASDAQ:RDNT traded down $0.46 during trading hours on Thursday, hitting $57.60. 73,557 shares of the company's stock traded hands, compared to its average volume of 683,144. The stock's fifty day moving average price is $52.49 and its two-hundred day moving average price is $63.03. The firm has a market cap of $4.32 billion, a P/E ratio of -822.15 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet has a twelve month low of $45.00 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, research analysts expect that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the sale, the chief executive officer now owns 55,995 shares in the company, valued at approximately $2,828,867.40. This represents a 1.75% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. The trade was a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 46,447 shares of company stock valued at $2,433,550. Insiders own 5.12% of the company's stock.

Institutional Investors Weigh In On RadNet

A number of large investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC raised its position in shares of RadNet by 49.8% in the first quarter. Intech Investment Management LLC now owns 66,809 shares of the medical research company's stock valued at $3,322,000 after purchasing an additional 22,198 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company's stock worth $21,904,000 after buying an additional 8,762 shares during the period. United Services Automobile Association acquired a new position in RadNet in the 1st quarter valued at $216,000. Fred Alger Management LLC grew its stake in RadNet by 346.5% in the 1st quarter. Fred Alger Management LLC now owns 113,868 shares of the medical research company's stock valued at $5,662,000 after buying an additional 88,365 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its holdings in RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after acquiring an additional 1,448 shares during the period. Institutional investors own 77.90% of the company's stock.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. 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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