RadNet (NASDAQ:RDNT) Shares Gap Up – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT) shares gapped up prior to trading on Monday . The stock had previously closed at $58.19, but opened at $63.45. RadNet shares last traded at $59.81, with a volume of 216,446 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RDNT. Jefferies Financial Group reiterated a “buy” rating and set a $91.00 target price on shares of RadNet in a research report on Tuesday, March 3rd. Barclays lowered their price objective on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $88.14.

RadNet Stock Performance

The company’s fifty day moving average price is $60.26 and its 200 day moving average price is $69.81. The company has a market cap of $4.43 billion, a PE ratio of -227.74 and a beta of 1.43. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The business’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.50) EPS. On average, equities research analysts predict that RadNet, Inc. will post 0.62 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the transaction, the insider owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its position in RadNet by 13.3% during the third quarter. Smartleaf Asset Management LLC now owns 1,361 shares of the medical research company’s stock worth $102,000 after purchasing an additional 160 shares during the period. Crossmark Global Holdings Inc. boosted its position in shares of RadNet by 3.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock valued at $360,000 after acquiring an additional 163 shares during the period. Summit Financial LLC boosted its position in shares of RadNet by 1.3% in the fourth quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock valued at $896,000 after acquiring an additional 166 shares during the period. Jones Financial Companies Lllp boosted its position in shares of 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, Guidance Capital Inc. boosted its position in shares of RadNet by 2.0% in the third quarter. Guidance Capital Inc. now owns 9,089 shares of the medical research company’s stock valued at $758,000 after acquiring an additional 174 shares during the period. Institutional investors own 77.90% of the company’s stock.

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.