Insider Selling: RadNet (NASDAQ:RDNT) Director Sells $145,449.11 in Stock

RadNet, Inc. (NASDAQ:RDNT) Director David Swartz sold 2,699 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares of the company’s stock, valued at $9,539,230.57. This represents a 1.50% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

RadNet Price Performance

RadNet stock opened at $58.16 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a 50-day moving average price of $55.87 and a 200 day moving average price of $63.90. RadNet, Inc. has a 12-month low of $50.76 and a 12-month high of $85.84. The stock has a market cap of $4.57 billion, a P/E ratio of -323.09 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the company earned ($0.50) EPS. Sell-side analysts anticipate that RadNet, Inc. will post 0.54 earnings per share for the current year.

Institutional Trading of RadNet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. RTW Investments LP lifted its stake in RadNet by 39.9% during the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock worth $281,012,000 after purchasing an additional 1,122,956 shares in the last quarter. Polar Capital Holdings Plc acquired a new stake in shares of RadNet in the third quarter valued at $63,423,000. Price T Rowe Associates Inc. MD grew its stake in shares of RadNet by 30.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock valued at $192,581,000 after buying an additional 627,936 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock valued at $79,364,000 after buying an additional 618,392 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new stake in shares of RadNet in the 3rd quarter valued at $40,073,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Analysts Set New Price Targets

RDNT has been the topic of several recent analyst reports. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 price target on shares of RadNet in a research note on Tuesday, March 3rd. Barclays reduced their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Finally, Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $87.43.

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.