Mital Patel Sells 25,000 Shares of RadNet (NASDAQ:RDNT) Stock

RadNet, Inc. (NASDAQ:RDNT) CAO Mital Patel sold 25,000 shares of the company’s stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the completion of the sale, the chief accounting officer directly owned 205,138 shares of the company’s stock, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Mital Patel also recently made the following trade(s):

• On Wednesday, November 19th, Mital Patel sold 15,080 shares of RadNet stock. The shares were sold at an average price of $80.05, for a total value of $1,207,154.00.
• On Tuesday, November 18th, Mital Patel sold 9,920 shares of RadNet stock. The shares were sold at an average price of $80.00, for a total value of $793,600.00.

RadNet Stock Performance

Shares of RadNet stock traded up $1.13 during trading on Wednesday, reaching $80.29. The company’s stock had a trading volume of 742,440 shares, compared to its average volume of 793,657. The company has a 50-day moving average price of $76.82 and a two-hundred day moving average price of $65.81. The firm has a market cap of $6.19 billion, a PE ratio of -401.43 and a beta of 1.58. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $85.42. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Sunday, November 9th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. On average, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently made changes to their positions in RDNT. American Century Companies Inc. raised its position in shares of RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock worth $63,290,000 after purchasing an additional 1,063,516 shares during the last quarter. Polar Capital Holdings Plc purchased a new stake in RadNet during the 3rd quarter worth about $63,423,000. Van Berkom & Associates Inc. raised its stake in 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 purchasing an additional 817,808 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in RadNet by 81.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after purchasing an additional 743,922 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in RadNet by 141.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock valued at $60,404,000 after purchasing an additional 712,270 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on RDNT shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price objective on shares of RadNet in a research report on Friday, November 14th. Morgan Stanley raised RadNet to an “overweight” rating in a report on Monday, August 11th. Barclays lifted their price objective on shares of RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research report on Thursday, November 13th. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, Truist Financial boosted their target price on shares of RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

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.