RadNet (NASDAQ:RDNT) Shares Down 7.5% – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT) shares traded down 7.5% on Wednesday . The company traded as low as $52.25 and last traded at $52.26. 75,944 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 799,037 shares. The stock had previously closed at $56.51.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Barclays lowered their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Finally, Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, RadNet currently has an average rating of “Moderate Buy” and an average target price of $87.43.

RadNet Stock Down 2.9%

The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The firm’s 50-day simple moving average is $55.92 and its two-hundred day simple moving average is $64.99. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of -304.77 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The firm’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.50) earnings per share. Sell-side analysts predict that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Hedge Funds Weigh In On RadNet

Institutional investors and hedge funds have recently modified their holdings of the company. Geneos Wealth Management Inc. purchased a new position in shares of RadNet during the fourth quarter valued at approximately $25,000. Allworth Financial LP lifted its stake in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after buying an additional 305 shares during the period. Danske Bank A S purchased a new position in shares of RadNet during the third quarter valued at approximately $30,000. Jones Financial Companies Lllp raised its stake in RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after purchasing an additional 171 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in RadNet during the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.