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

RadNet, Inc. (NASDAQ:RDNT) shares gapped down before the market opened on Tuesday . The stock had previously closed at $72.58, but opened at $65.78. RadNet shares last traded at $67.29, with a volume of 1,011,487 shares.

Analyst Ratings Changes

RDNT has been the subject of a number of analyst reports. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 target price on shares of RadNet in a research note on Friday, November 14th. Truist Financial lifted their price objective on RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. B. Riley upped their target price on RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 8th. Finally, Barclays boosted their price target on RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $87.60.

RadNet Price Performance

The business has a 50-day moving average of $78.24 and a 200 day moving average of $68.78. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $5.39 billion, a P/E ratio of -410.98 and a beta of 1.48.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The firm had revenue of $522.87 million during the quarter, compared to the consensus estimate of $494.19 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The firm’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.18 EPS. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Transactions at RadNet

In other RadNet news, CAO Mital Patel sold 15,080 shares of the business’s stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $80.05, for a total transaction of $1,207,154.00. Following the completion of the sale, the chief accounting officer owned 180,138 shares in the company, valued at approximately $14,420,046.90. The trade was a 7.72% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 50,000 shares of company stock valued at $3,902,254. Company insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Allworth Financial LP lifted its position in RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares in the last quarter. Danske Bank A S bought a new stake in RadNet during the 3rd quarter worth approximately $30,000. Farther Finance Advisors LLC raised its stake in shares of RadNet by 1,086.5% in the third quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock worth $33,000 after purchasing an additional 402 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings 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 purchasing an additional 171 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of RadNet during the second quarter valued at approximately $35,000. 77.90% of the stock is owned by institutional investors.

About RadNet

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.