Insider Selling: RadNet (NASDAQ:RDNT) CEO Sells $276,022.50 in Stock

RadNet, Inc. (NASDAQ:RDNT) CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction on Tuesday, June 16th. The shares were 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. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

RadNet Stock Performance

RadNet stock traded up $0.92 during midday trading on Thursday, hitting $53.74. 2,522,418 shares of the company’s stock were exchanged, compared to its average volume of 826,904. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -298.54 and a beta of 1.41. RadNet, Inc. has a 12-month low of $50.76 and a 12-month high of $85.84. The firm’s 50 day simple moving average is $55.88 and its 200 day simple moving average is $64.78.

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

Hedge Funds Weigh In On RadNet

A number of large investors have recently modified their holdings of RDNT. Geneos Wealth Management Inc. acquired a new stake in shares of RadNet in the 4th quarter valued at approximately $25,000. Allworth Financial LP raised its position in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares in the last quarter. Danske Bank A S purchased a new position in RadNet in the third quarter worth $30,000. Jones Financial Companies Lllp lifted its holdings in RadNet by 62.2% in the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares during the period. Finally, Eurizon Capital SGR S.p.A. acquired a new stake in RadNet in the fourth quarter valued at $36,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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