RadNet (NASDAQ:RDNT) Shares Gap Down – Time to Sell?

RadNet, Inc. (NASDAQ:RDNT)’s stock price gapped down prior to trading 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 traded.

Analyst Ratings Changes

A number of brokerages have recently weighed in on RDNT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Monday. Barclays upped their target price on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research note on Thursday. B. Riley upped their price target on RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research note on Monday, December 1st. Finally, Zacks Research lowered RadNet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. One analyst has 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 company’s stock. According to data from MarketBeat, RadNet has a consensus rating of “Moderate Buy” and an average price target of $87.60.

RadNet Trading Down 0.4%

The stock has a 50-day moving average of $78.01 and a two-hundred day moving average of $68.89. The company has a market cap of $5.48 billion, a P/E ratio of -423.80 and a beta of 1.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.87 and a current ratio of 1.87.

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

Insider Transactions at RadNet

In other news, CAO Mital Patel sold 25,000 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer owned 205,138 shares in the company, valued at approximately $15,602,796.28. This represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders have sold 50,000 shares of company stock valued at $3,902,254 over the last three months. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently added to or reduced their stakes in the company. Polar Capital Holdings Plc bought a new position in RadNet during the 3rd quarter valued at about $63,423,000. Van Berkom & Associates Inc. grew its stake in shares of RadNet by 14,163.6% in the third quarter. Van Berkom & Associates Inc. now owns 823,582 shares of the medical research company’s stock worth $62,765,000 after acquiring an additional 817,808 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in shares of RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after purchasing an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. lifted its position in RadNet by 141.7% during the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock valued at $60,404,000 after purchasing an additional 712,270 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in RadNet by 79.7% in the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after purchasing an additional 618,392 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other 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.