RadNet (NASDAQ:RDNT) Stock Price Up 6.9% on Strong Earnings

RadNet, Inc. (NASDAQ:RDNT) shares rose 6.9% on Monday after the company announced better than expected quarterly earnings. The company traded as high as $74.41 and last traded at $77.4050. 156,969 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 830,771 shares. The stock had previously closed at $72.39.

The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $622.72 million for the quarter, compared to analysts’ expectations of $610.87 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. The firm’s revenue for the quarter was up 25.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on RDNT shares. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Finally, Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $87.43.

Insider Transactions at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director owned 177,013 shares of the company’s stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, 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 SEC filing for this sale provides additional information. Company insiders own 5.14% of the company’s stock.

Hedge Funds Weigh In On RadNet

Several institutional investors and hedge funds have recently bought and sold shares of the company. AQR Capital Management LLC grew its stake in shares of RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after purchasing an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in RadNet by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after acquiring an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp raised its position in RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after purchasing an additional 1,448 shares during the period. United Services Automobile Association acquired a new stake in RadNet during the 1st quarter worth approximately $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in RadNet by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock worth $21,904,000 after acquiring an additional 8,762 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Up 6.5%

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 firm’s 50-day moving average price is $60.95 and its two-hundred day moving average price is $61.66. The firm has a market cap of $6.06 billion, a PE ratio of -430.31 and a beta of 1.36.

About RadNet

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.