RadNet (NASDAQ:RDNT) Issues Quarterly Earnings Results

RadNet (NASDAQ:RDNT) released its quarterly earnings results on Sunday. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.12), Briefing.com reports. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.50) EPS.

RadNet Stock Performance

Shares of RDNT opened at $58.19 on Monday. RadNet has a one year low of $50.76 and a one year high of $85.84. The company has a market cap of $4.55 billion, a PE ratio of -232.76 and a beta of 1.43. The stock has a 50-day moving average of $60.26 and a 200-day moving average of $69.81. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the sale, the insider owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several hedge funds and other institutional investors have recently made changes to their positions in RDNT. Mercer Global Advisors Inc. ADV bought a new position in shares of RadNet in the third quarter valued at approximately $558,000. Advisors Asset Management Inc. bought a new position in RadNet during the 4th quarter valued at $519,000. O Shaughnessy Asset Management LLC boosted its holdings in RadNet by 18.4% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 6,687 shares of the medical research company’s stock worth $477,000 after acquiring an additional 1,038 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of RadNet by 10.8% in the 4th quarter. Cetera Investment Advisers now owns 6,185 shares of the medical research company’s stock worth $441,000 after acquiring an additional 603 shares in the last quarter. Finally, Cibc World Market Inc. bought a new position in shares of RadNet during the fourth quarter valued at about $304,000. 77.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

RDNT has been the subject of a number of recent research reports. Jefferies Financial Group restated a “buy” rating and issued a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Barclays decreased their price target on RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a research note on Tuesday, April 21st. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, RadNet has a consensus rating of “Moderate Buy” and a consensus price target of $88.14.

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.