RadNet (NASDAQ:RDNT) Shares Down 6.3% – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT) was down 6.3% on Monday . The stock traded as low as $57.14 and last traded at $56.5740. Approximately 211,743 shares traded hands during trading, a decline of 74% from the average daily volume of 799,766 shares. The stock had previously closed at $60.39.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on RDNT shares. Jefferies Financial Group reiterated a “buy” rating and set a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. KeyCorp upgraded shares of RadNet to a “strong-buy” rating in a report on Friday, January 9th. UBS Group set a $92.00 price objective on shares of RadNet in a report on Friday, January 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RadNet currently has an average rating of “Moderate Buy” and a consensus price target of $90.43.

RadNet Stock Down 4.4%

The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.76 and a current ratio of 1.76. The company has a market cap of $4.48 billion, a price-to-earnings ratio of -230.94 and a beta of 1.53. The stock’s fifty day moving average is $63.10 and its two-hundred day moving average is $71.34.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The company had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. During the same quarter in the prior year, the business posted $0.22 EPS. The firm’s revenue was up 14.8% compared to the same quarter last year. Sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the company’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the sale, the insider owned 1,208,923 shares in the company, valued at $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. WCM Investment Management LLC increased its stake in RadNet by 32.6% in the 3rd quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company’s stock valued at $21,348,000 after buying an additional 70,244 shares during the last quarter. US Bancorp DE increased its stake in RadNet by 485.4% in the 3rd quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock valued at $2,161,000 after buying an additional 23,507 shares during the last quarter. Mairs & Power Inc. increased its stake in RadNet by 68.9% in the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after buying an additional 39,752 shares during the last quarter. Penserra Capital Management LLC increased its stake in RadNet by 43.4% in the 3rd quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company’s stock valued at $36,510,000 after buying an additional 144,897 shares during the last quarter. Finally, New York State Teachers Retirement System increased its stake in RadNet by 53.1% in the 3rd quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company’s stock valued at $2,351,000 after buying an additional 10,700 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Company Profile

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.