RadNet (NASDAQ:RDNT) Downgraded to Strong Sell Rating by Zacks Research

RadNet (NASDAQ:RDNT - Get Free Report) was downgraded by equities researchers at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms also recently issued reports on RDNT. Barclays lowered their target price on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Weiss Ratings cut shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $87.43.

RadNet Trading Down 0.8%

Shares of RadNet stock opened at $62.78 on Monday. RadNet has a fifty-two week low of $50.76 and a fifty-two week high of $85.84. The firm has a market cap of $4.94 billion, a PE ratio of -348.76 and a beta of 1.37. The business's fifty day moving average is $57.74 and its two-hundred day moving average is $62.92. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to analysts' expectations of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. RadNet's revenue for the quarter was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.50) EPS. Analysts anticipate that RadNet will post 0.54 earnings per share for the current year.

Insider Transactions at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred 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 sale, the chief executive officer owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently made changes to their positions in RDNT. Geneos Wealth Management Inc. purchased a new stake in RadNet during the 4th quarter worth $25,000. Allworth Financial LP increased its holdings in RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after purchasing an additional 305 shares in the last quarter. Danske Bank A S purchased a new position in RadNet in the third quarter valued at about $30,000. Eurizon Capital SGR S.p.A. purchased a new position in RadNet in the fourth quarter valued at about $36,000. Finally, Harbour Investments Inc. acquired a new position in shares of RadNet during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

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.

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