RadNet (NASDAQ:RDNT) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

RadNet (NASDAQ:RDNT) announced its quarterly earnings results on Sunday. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.12), Briefing.com reports. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. During the same period in the previous year, the company posted ($0.50) EPS. The company’s revenue was up 22.1% compared to the same quarter last year.

RadNet Trading Up 3.5%

NASDAQ:RDNT opened at $60.24 on Monday. The firm has a 50 day moving average of $60.26 and a 200 day moving average of $69.81. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79. RadNet has a 52 week low of $50.76 and a 52 week high of $85.84. The stock has a market capitalization of $4.71 billion, a price-to-earnings ratio of -239.73 and a beta of 1.43.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of analyst reports. Barclays dropped their price target on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Jefferies Financial Group reissued a “buy” rating and set a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, RadNet has a consensus rating of “Moderate Buy” and an average target price of $88.14.

Insider Buying and Selling at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the sale, the insider directly owned 1,208,923 shares in the company, valued at $75,134,564.45. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RDNT. RTW Investments LP lifted its holdings in shares of RadNet by 39.9% in 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 buying an additional 1,122,956 shares during the period. Polar Capital Holdings Plc purchased a new position in shares of RadNet in the third quarter valued at approximately $63,423,000. Price T Rowe Associates Inc. MD boosted its stake in RadNet by 30.3% during the 4th 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 purchasing an additional 627,936 shares during the last quarter. Ameriprise Financial Inc. boosted its position in RadNet by 79.7% during the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after acquiring an additional 618,392 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new stake in RadNet during the fourth quarter worth about $37,019,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.