RadNet (NASDAQ:RDNT) Lowered to “Sell” Rating by Wall Street Zen

Wall Street Zen lowered shares of RadNet (NASDAQ:RDNT) from a hold rating to a sell rating in a research report released on Thursday.

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

RadNet Stock Down 2.2%

Shares of RadNet stock opened at $56.77 on Thursday. The company has a market cap of $4.26 billion, a price-to-earnings ratio of -810.88 and a beta of 1.46. The company’s 50 day moving average is $52.65 and its 200 day moving average is $62.95. RadNet has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Research analysts anticipate that RadNet will post 0.56 EPS for the current year.

Insider Buying and Selling at RadNet

In other RadNet news, COO Norman R. Hames sold 5,536 shares of the company’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the completion of the sale, the chief operating officer now directly owns 249,183 shares of the company’s stock, valued at approximately $14,950,980. This represents a 2.17% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at approximately $3,101,957.10. This represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,447 shares of company stock valued at $2,433,550. Insiders own 5.12% of the company’s stock.

Institutional Trading of RadNet

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of RadNet by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company’s stock worth $518,577,000 after purchasing an additional 71,910 shares in the last quarter. Beck Mack & Oliver LLC increased its stake in shares of RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock worth $163,104,000 after purchasing an additional 211,570 shares in the last quarter. RTW Investments LP increased its stake in shares of RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company’s stock worth $138,184,000 after purchasing an additional 169,978 shares in the last quarter. Invesco Ltd. increased its stake in shares of RadNet by 4.3% in the fourth quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company’s stock worth $120,898,000 after purchasing an additional 70,673 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC increased its stake in shares of RadNet by 14.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company’s stock worth $85,511,000 after purchasing an additional 213,280 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.