RadNet (RDNT) Upgraded to Buy at Zacks Investment Research

RadNet (NASDAQ:RDNT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage currently has a $11.00 price objective on the medical research company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 7.84% from the company’s current price.

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 cut RadNet from a “b-” rating to a “c” rating in a research note on Friday, October 27th.

RadNet (RDNT) traded up $0.15 during mid-day trading on Thursday, hitting $10.20. The stock had a trading volume of 133,100 shares, compared to its average volume of 165,350. The company has a market capitalization of $478.62, a P/E ratio of 44.35, a P/E/G ratio of 2.19 and a beta of 0.83. RadNet has a 12 month low of $5.25 and a 12 month high of $11.90. 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 released its earnings results on Thursday, November 9th. The medical research company reported $0.12 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.12. RadNet had a return on equity of 23.73% and a net margin of 1.21%. The company had revenue of $227.60 million during the quarter, compared to the consensus estimate of $232.84 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. analysts predict that RadNet will post 0.35 EPS for the current year.

In other RadNet news, insider John V. Crues sold 19,684 shares of the business’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $10.01, for a total value of $197,036.84. Following the completion of the transaction, the insider now directly owns 544,097 shares of the company’s stock, valued at $5,446,410.97. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Norman R. Hames sold 5,000 shares of the business’s stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $10.00, for a total value of $50,000.00. Following the completion of the transaction, the insider now directly owns 407,257 shares of the company’s stock, valued at $4,072,570. 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.

A number of large investors have recently bought and sold shares of the business. Wells Fargo & Company MN grew its stake in RadNet by 1.9% in the second quarter. Wells Fargo & Company MN now owns 35,843 shares of the medical research company’s stock valued at $278,000 after acquiring an additional 654 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of RadNet by 6.4% during the second quarter. The Manufacturers Life Insurance Company now owns 33,305 shares of the medical research company’s stock worth $258,000 after buying an additional 1,997 shares during the period. Citigroup Inc. boosted its position in shares of RadNet by 3.5% during the second quarter. Citigroup Inc. now owns 66,202 shares of the medical research company’s stock worth $513,000 after buying an additional 2,245 shares during the period. Prudential Financial Inc. boosted its position in shares of RadNet by 15.2% during the second 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, Voya Investment Management LLC boosted its position in shares of RadNet by 19.5% during the second quarter. Voya Investment Management LLC now owns 21,726 shares of the medical research company’s stock worth $168,000 after buying an additional 3,546 shares during the period. 53.16% of the stock is owned by hedge funds and other institutional investors.

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About RadNet

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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