Key Points
- RadNet CEO Cornelis Wesdorp sold 4,750 shares on June 16 at an average price of $58.11, totaling about $276,022.50. After the sale, he still directly owned 69,075 shares valued at roughly $4.01 million.
- RadNet recently reported mixed quarterly results, with earnings of ($0.28) per share versus expectations of ($0.14), but revenue of $575.63 million beat estimates and rose 22.1% year over year.
- Wall Street remains moderately bullish on the stock, with a consensus rating of “Moderate Buy” and an average price target of $87.43, though some firms have trimmed targets or downgraded ratings.
RadNet, Inc. (NASDAQ:RDNT - Get Free Report) CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
RadNet Stock Up 1.7%
NASDAQ RDNT opened at $53.74 on Friday. RadNet, Inc. has a 12 month low of $50.76 and a 12 month high of $85.84. The company has a market capitalization of $4.23 billion, a P/E ratio of -298.54 and a beta of 1.41. The company's 50 day simple moving average is $55.86 and its 200 day simple moving average is $64.57. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17.
RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million for the quarter, compared to the consensus estimate of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The company's quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.50) earnings per share. Equities research analysts expect that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.
Hedge Funds Weigh In On RadNet
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. RTW Investments LP raised its stake in RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the period. Polar Capital Holdings Plc purchased a new stake in shares of RadNet in the third quarter valued at $63,423,000. Price T Rowe Associates Inc. MD boosted its position 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 worth $192,581,000 after buying an additional 627,936 shares during the period. Ameriprise Financial Inc. boosted its position in shares of RadNet by 79.7% in the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company's stock worth $79,364,000 after buying an additional 618,392 shares during the period. Finally, Westfield Capital Management Co. LP purchased a new position in shares of RadNet during the third quarter valued at $40,073,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several research firms have recently weighed in on RDNT. Weiss Ratings lowered RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research note on Tuesday, May 12th. Jefferies Financial Group reiterated a "buy" rating and issued a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Finally, Barclays dropped their price target on RadNet from $70.00 to $65.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 20th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $87.43.
Check Out Our Latest Research Report on RadNet
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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