Insider Selling: RadNet, Inc. (NASDAQ:RDNT) EVP Sells 17,000 Shares of Stock

RadNet, Inc. (NASDAQ:RDNT) EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the transaction, the executive vice president owned 86,774 shares of the company’s stock, valued at $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

RadNet Price Performance

RadNet stock opened at $67.45 on Monday. The business’s 50-day simple moving average is $57.37 and its 200 day simple moving average is $55.79. The stock has a market cap of $5.19 billion, a price-to-earnings ratio of -337.23 and a beta of 1.43. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $498.23 million for the quarter, compared to analysts’ expectations of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter last year, the business earned $0.16 earnings per share. As a group, research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On RadNet

Several hedge funds have recently added to or reduced their stakes in RDNT. Headlands Technologies LLC bought a new position in RadNet in the first quarter valued at about $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in RadNet during the second quarter worth about $35,000. GAMMA Investing LLC boosted its holdings in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after buying an additional 300 shares during the last quarter. Family Legacy Financial Solutions LLC bought a new position in RadNet during the second quarter worth about $85,000. Finally, Jones Financial Companies Lllp boosted its holdings in RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after buying an additional 1,448 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on RDNT shares. Morgan Stanley upgraded RadNet to an “overweight” rating in a research note on Monday, August 11th. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a research note on Saturday. Truist Financial set a $74.00 target price on RadNet in a research note on Thursday, July 10th. B. Riley initiated coverage on RadNet in a research note on Friday, June 13th. They issued a “buy” rating and a $69.00 target price for the company. Finally, Raymond James Financial restated a “strong-buy” rating and issued a $75.00 target price (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. One research analyst has rated the stock with a hold rating, four have given a buy rating and three have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $71.60.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.