Key Points
- RadNet EVP Mital Patel sold 44,661 shares for about $3.51 million, reducing his position by 22.31% to 155,514 shares.
- Quarterly earnings were $0.30 per share, beating the $0.22 consensus, while revenue rose 22.1% year over year to $638.26 million—slightly below estimates.
- Analysts’ consensus rating was “Moderate Buy”, with a $90.43 average price target; shares were reported down 2.6%.
RadNet, Inc. (NASDAQ:RDNT - Get Free Report) EVP Mital Patel sold 44,661 shares of the firm's stock in a transaction dated Wednesday, November 11th. The stock was sold at an average price of $78.51, for a total transaction of $3,506,335.11. Following the completion of the sale, the executive vice president directly owned 155,514 shares of the company's stock, valued at approximately $12,209,404.14. The trade was a 22.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
RadNet Stock Down 2.6%
Shares of NASDAQ:RDNT opened at $76.04 on Friday. The firm has a market capitalization of $5.99 billion, a PE ratio of -262.21 and a beta of 1.42. The business has a 50 day simple moving average of $72.74 and a two-hundred day simple moving average of $65.49. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.49 and a quick ratio of 1.48.
RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Sunday, November 8th. The medical research company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.08. RadNet had a positive return on equity of 3.14% and a negative net margin of 0.94%. The firm had revenue of $638.26 million for the quarter, compared to the consensus estimate of $639.97 million. During the same period in the prior year, the business posted $0.20 earnings per share. The company's revenue for the quarter was up 22.1% on a year-over-year basis. On average, equities analysts predict that RadNet, Inc. will post 0.53 EPS for the current year.
Wall Street Analyst Weigh In
Several equities analysts have commented on the company. Zacks Research downgraded RadNet from a "strong-buy" rating to a "hold" rating in a research report on Monday. Truist Financial lifted their target price on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research report on Wednesday, November 4th. Barclays boosted their target price on shares of RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday, August 28th. Finally, Jefferies Financial Group restated a "buy" rating on shares of RadNet in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, RadNet currently has an average rating of "Moderate Buy" and a consensus target price of $90.43.
Check Out Our Latest Stock Report on RDNT
Institutional Trading of RadNet
Several institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. bought a new stake in shares of RadNet during the second quarter valued at approximately $675,768,000. JB Capital Partners LP bought a new position in RadNet in the second quarter worth approximately $87,821,842. Dimensional Fund Advisors LP grew its stake in RadNet by 1.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,379,003 shares of the medical research company's stock worth $77,074,000 after purchasing an additional 19,188 shares in the last quarter. Bamco Inc. NY purchased a new position in RadNet during the 2nd quarter worth $77,765,000. Finally, Van Berkom & Associates Inc. increased its holdings in RadNet by 24.9% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock worth $57,488,000 after purchasing an additional 204,858 shares during the period. Institutional investors own 77.90% of the company's stock.
RadNet Company Profile
(
Get Free Report)
RadNet, Inc. operates outpatient diagnostic imaging centers in the United States. Its centers provide services including magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray and nuclear medicine imaging. The company serves patients, physicians and healthcare organizations, with operations across several states, including California, Delaware, Florida, Maryland, New Jersey and New York. Its imaging centers offer diagnostic services for a range of medical needs, from routine screening to specialized examinations.
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