Insider Selling: RadNet, Inc. (NASDAQ:RDNT) Director Sells 7,167 Shares of Stock

RadNet, Inc. (NASDAQ:RDNT) Director Gregory E. Spurlock sold 7,167 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $59.75, for a total transaction of $428,228.25. Following the sale, the director now owns 9,758 shares of the company’s stock, valued at approximately $583,040.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

RadNet Stock Performance

RDNT stock opened at $58.33 on Thursday. The company has a market capitalization of $4.31 billion, a P/E ratio of 194.43 and a beta of 1.76. The company has a 50-day simple moving average of $54.83 and a 200 day simple moving average of $45.19. RadNet, Inc. has a fifty-two week low of $25.11 and a fifty-two week high of $64.06. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 0.76.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.16. The business had revenue of $431.70 million during the quarter, compared to the consensus estimate of $421.72 million. RadNet had a net margin of 1.28% and a return on equity of 5.05%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.08) earnings per share. Sell-side analysts predict that RadNet, Inc. will post 0.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On RadNet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cerity Partners LLC bought a new stake in RadNet in the fourth quarter worth about $5,871,000. RTW Investments LP bought a new stake in RadNet in the fourth quarter worth about $23,073,000. Vanguard Group Inc. raised its position in RadNet by 3.5% in the third quarter. Vanguard Group Inc. now owns 4,222,234 shares of the medical research company’s stock worth $119,025,000 after acquiring an additional 143,295 shares in the last quarter. Victory Capital Management Inc. raised its position in RadNet by 193.7% in the fourth quarter. Victory Capital Management Inc. now owns 256,039 shares of the medical research company’s stock worth $8,902,000 after acquiring an additional 168,857 shares in the last quarter. Finally, Hsbc Holdings PLC raised its position in RadNet by 13.8% in the fourth quarter. Hsbc Holdings PLC now owns 242,160 shares of the medical research company’s stock worth $8,487,000 after acquiring an additional 29,372 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on RDNT shares. Raymond James boosted their price target on shares of RadNet from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Jefferies Financial Group boosted their price target on shares of RadNet from $47.00 to $58.00 and gave the company a “buy” rating in a report on Friday, March 22nd. Truist Financial reissued a “buy” rating and set a $63.00 price target (up previously from $55.00) on shares of RadNet in a report on Wednesday, May 15th. Barclays started coverage on shares of RadNet in a report on Wednesday, March 6th. They set an “equal weight” rating and a $48.00 price target for the company. Finally, StockNews.com downgraded shares of RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $57.25.

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.