RadNet (NASDAQ:RDNT) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded RadNet from “strong sell” to “hold,” while broader analyst sentiment remains “Moderate Buy” with a consensus price target of $88.
• RadNet reported quarterly EPS of $0.29, beating estimates of $0.20, while revenue rose 25% year over year to $622.72 million.
• The stock opened at $76.35, near its 12-month high of $85.84; institutional investors own 77.9% of shares, while company insiders own 5.14%.

RadNet (NASDAQ:RDNT - Get Free Report) was upgraded by stock analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report issued on Thursday,Zacks.com reports.

Several other equities analysts have also commented on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a report on Friday, July 31st. Barclays dropped their price objective on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a report on Wednesday, May 20th. Finally, Truist Financial increased their target price on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $88.00.

RadNet Stock Performance

NASDAQ RDNT opened at $76.35 on Thursday. The business's 50-day moving average price is $63.31 and its 200 day moving average price is $61.90. The company has a current ratio of 1.48, a quick ratio of 1.17 and a debt-to-equity ratio of 0.94. RadNet has a twelve month low of $50.82 and a twelve month high of $85.84. The company has a market capitalization of $6.01 billion, a PE ratio of -282.77 and a beta of 1.36.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company had revenue of $622.72 million during the quarter, compared to analysts' expectations of $610.87 million. During the same quarter in the previous year, the business earned $0.31 EPS. The firm's revenue was up 25.0% on a year-over-year basis. On average, research analysts predict that RadNet will post 0.49 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 value of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet 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 transaction, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RadNet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Jupiter Topco LLC acquired a new stake in RadNet in the 2nd quarter valued at $1,726,000. Hsbc Holdings PLC acquired a new position in shares of RadNet during the second quarter worth about $1,163,000. EFG International AG purchased a new stake in shares of RadNet in the second quarter worth about $3,357,000. Expect Equity LLC purchased a new stake in shares of RadNet in the second quarter worth about $1,954,000. Finally, Palisade Capital Management LP acquired a new stake in shares of RadNet in the second quarter valued at about $12,299,000. Institutional investors and hedge funds own 77.90% of the company's stock.

About RadNet

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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