RadNet (NASDAQ:RDNT) Issues Earnings Results

RadNet (NASDAQ:RDNT) released its quarterly earnings data on Monday. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09, FiscalAI reports. The company had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.

RadNet Stock Performance

NASDAQ:RDNT opened at $72.39 on Monday. The stock has a 50 day simple moving average of $60.95 and a 200 day simple moving average of $61.66. The stock has a market cap of $5.69 billion, a P/E ratio of -402.14 and a beta of 1.36. RadNet has a 1-year low of $50.82 and a 1-year high of $85.84. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction 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 completion of the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. 5.14% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. RTW Investments LP boosted 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 purchasing an additional 1,122,956 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of 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 buying an additional 627,936 shares in the last quarter. State Street Corp raised its holdings in shares of RadNet by 1.6% during the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock worth $184,017,000 after buying an additional 41,356 shares in the last quarter. Invesco Ltd. lifted its position in shares of RadNet by 26.4% during the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company’s stock worth $113,930,000 after buying an additional 333,911 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in RadNet by 1.4% in the third quarter. Ameriprise Financial Inc. now owns 1,413,734 shares of the medical research company’s stock valued at $107,741,000 after buying an additional 19,182 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RDNT. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Zacks Research downgraded shares of RadNet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Barclays lowered their target price 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 research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.43.

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.