Alma Gregory Sorensen Sells 55,000 Shares of RadNet, Inc. (NASDAQ:RDNT) Stock

RadNet, Inc. (NASDAQ:RDNT) EVP Alma Gregory Sorensen sold 55,000 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the sale, the executive vice president now owns 1,160,509 shares of the company’s stock, valued at $65,545,548.32. This represents a 4.52% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link.

RadNet Trading Up 4.7%

Shares of RDNT opened at $57.78 on Friday. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a 50 day simple moving average of $53.40 and a 200-day simple moving average of $62.17. The stock has a market cap of $4.34 billion, a PE ratio of -825.31 and a beta of 1.46.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results 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. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Institutional Investors Weigh In On RadNet

A number of hedge funds and other institutional investors have recently bought and sold shares of RDNT. Barclays PLC increased its holdings in RadNet by 373.8% during the 3rd quarter. Barclays PLC now owns 116,978 shares of the medical research company’s stock valued at $8,118,000 after purchasing an additional 92,291 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in RadNet by 20.0% during the 4th quarter. Nisa Investment Advisors LLC now owns 4,291 shares of the medical research company’s stock valued at $300,000 after purchasing an additional 716 shares in the last quarter. Fifth Third Bancorp increased its holdings in RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 305 shares in the last quarter. KBC Group NV increased its holdings in RadNet by 47.6% during the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after purchasing an additional 864 shares in the last quarter. Finally, Highland Capital Management LLC increased its holdings in RadNet by 6.5% during the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company’s stock valued at $231,000 after purchasing an additional 202 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and reduced their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Truist Financial dropped their target price on RadNet from $88.00 to $74.00 and set a “buy” rating for the company in a report on Friday, April 11th. Barclays dropped their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Finally, Wall Street Zen cut RadNet from a “hold” rating to a “sell” rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $69.75.

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.