Key Points
- Insider sale: Alma Gregory Sorensen sold 15,000 RadNet shares on March 18 at an average price of $62.15 for $932,250, cutting her ownership by 1.21% to 1,223,923 shares.
- Quarterly beat but mixed signals: RadNet reported Q EPS of $0.23 versus $0.19 expected and revenue of $547.7M (up 14.8% vs. year-ago), yet net margin stayed slightly negative and the stock opened down ~2.6% near $62.
- Strong institutional and analyst support: Institutions own about 77.9% of the stock, and analysts hold a consensus "Moderate Buy" with an average price target around $90.43 (majority Buy/Strong Buy ratings).
RadNet, Inc. (NASDAQ:RDNT - Get Free Report) insider Alma Gregory Sorensen sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider owned 1,223,923 shares in the company, valued at $76,066,814.45. The trade was a 1.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
RadNet Stock Down 2.6%
RDNT opened at $61.99 on Thursday. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.84. The company has a market cap of $4.81 billion, a PE ratio of -247.96 and a beta of 1.49. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The company has a 50 day moving average of $69.44 and a 200 day moving average of $73.91.
RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.04. The business had revenue of $547.71 million for the quarter, compared to analysts' expectations of $515.67 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The business's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 EPS. On average, sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.
Institutional Investors Weigh In On RadNet
Several large investors have recently added to or reduced their stakes in RDNT. RTW Investments LP grew its position 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 buying an additional 1,122,956 shares in the last quarter. Polar Capital Holdings Plc bought a new position in RadNet in the 3rd quarter worth about $63,423,000. Van Berkom & Associates Inc. raised its holdings in shares of RadNet by 14,163.6% in the 3rd quarter. Van Berkom & Associates Inc. now owns 823,582 shares of the medical research company's stock valued at $62,765,000 after acquiring an additional 817,808 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of RadNet by 30.3% in the 4th 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 acquiring an additional 627,936 shares in the last quarter. Finally, Ameriprise Financial Inc. lifted its position in RadNet by 79.7% during the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company's stock valued at $79,364,000 after purchasing an additional 618,392 shares during the last quarter. Institutional investors own 77.90% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on the company. B. Riley Financial increased their price objective on RadNet from $71.00 to $87.00 and gave the stock a "buy" rating in a report on Monday, December 1st. Jefferies Financial Group reaffirmed a "buy" rating and set a $91.00 target price on shares of RadNet in a report on Tuesday, March 3rd. Raymond James Financial reiterated a "strong-buy" rating on shares of RadNet in a research report on Thursday, December 18th. KeyCorp raised shares of RadNet to a "strong-buy" rating in a report on Friday, January 9th. Finally, UBS Group set a $92.00 price objective on shares of RadNet in a research report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $90.43.
View Our Latest Report on RDNT
About RadNet
(
Get Free Report)
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.
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