RadNet (NASDAQ:RDNT) Downgraded by StockNews.com to Sell

StockNews.com cut shares of RadNet (NASDAQ:RDNT) from a hold rating to a sell rating in a report released on Thursday.

Separately, Truist Financial started coverage on RadNet in a research report on Thursday, August 31st. They set a buy rating and a $40.00 price objective on the stock.

RadNet Stock Down 0.6 %

Shares of RDNT opened at $30.75 on Thursday. The company has a current ratio of 1.39, a quick ratio of 1.39 and a debt-to-equity ratio of 1.11. RadNet has a 12 month low of $12.03 and a 12 month high of $35.18. The stock’s 50 day moving average is $32.11 and its two-hundred day moving average is $28.89. The firm has a market cap of $2.08 billion, a P/E ratio of -123.00 and a beta of 1.68.

RadNet (NASDAQ:RDNT) last released its earnings results on Tuesday, August 8th. The medical research company reported $0.24 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.17. The business had revenue of $403.70 million for the quarter, compared to the consensus estimate of $389.29 million. RadNet had a positive return on equity of 3.98% and a negative net margin of 0.84%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.15 earnings per share. Analysts predict that RadNet will post 0.38 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RadNet

Institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its position in RadNet by 84.3% in the first quarter. Tower Research Capital LLC TRC now owns 1,078 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 493 shares during the period. UBS Group AG raised its position in RadNet by 48.8% in the third quarter. UBS Group AG now owns 2,645 shares of the medical research company’s stock valued at $54,000 after purchasing an additional 867 shares during the period. Cubist Systematic Strategies LLC raised its position in RadNet by 180.8% in the second quarter. Cubist Systematic Strategies LLC now owns 3,443 shares of the medical research company’s stock valued at $59,000 after purchasing an additional 2,217 shares during the period. FMR LLC raised its position in RadNet by 15.0% in the first quarter. FMR LLC now owns 3,606 shares of the medical research company’s stock valued at $90,000 after purchasing an additional 469 shares during the period. Finally, First Manhattan Co. purchased a new stake in RadNet in the first quarter valued at $82,000. Hedge funds and other institutional investors own 74.84% 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.