RadNet (NASDAQ:RDNT) Trading Down 7.5% – Time to Sell?

RadNet, Inc. (NASDAQ:RDNT) fell 7.5% on Wednesday . The stock traded as low as $52.25 and last traded at $52.26. 75,944 shares were traded during trading, a decline of 90% from the average daily volume of 799,037 shares. The stock had previously closed at $56.51.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Barclays lowered their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Jefferies Financial Group reissued a “buy” rating and set a $91.00 price objective on shares of RadNet in a report on Tuesday, March 3rd. Finally, Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $87.43.

RadNet Price Performance

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a fifty day moving average of $55.86 and a two-hundred day moving average of $64.57. The stock has a market cap of $4.23 billion, a price-to-earnings ratio of -298.54 and a beta of 1.41.

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

Insider Buying and Selling

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several institutional investors have recently modified their holdings of the company. AQR Capital Management LLC increased its stake in RadNet by 5.4% in the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after purchasing an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in RadNet by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after purchasing an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp increased its position in shares of RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after buying an additional 1,448 shares in the last quarter. United Services Automobile Association acquired a new position in shares of RadNet during the 1st quarter worth $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of RadNet by 2.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock worth $21,904,000 after buying an additional 8,762 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Company Profile

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.