RadNet (NASDAQ:RDNT) EVP Mital Patel Sells 44,661 Shares of Stock

RadNet, Inc. (NASDAQ:RDNT) EVP Mital Patel sold 44,661 shares of RadNet stock in a transaction that occurred on Wednesday, November 11th. The stock was sold at an average price of $78.51, for a total value of $3,506,335.11. Following the completion of the sale, the executive vice president directly owned 155,514 shares in the company, valued at approximately $12,209,404.14. The trade was a 22.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

RadNet Stock Down 2.6%

Shares of RDNT opened at $76.04 on Friday. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of -262.21 and a beta of 1.42. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The business’s 50 day simple moving average is $72.74 and its 200-day simple moving average is $65.49. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.49 and a quick ratio of 1.48.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Sunday, November 8th. The medical research company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.08. RadNet had a negative net margin of 0.94% and a positive return on equity of 3.14%. The company had revenue of $638.26 million for the quarter, compared to analysts’ expectations of $639.97 million. During the same quarter in the previous year, the business posted $0.20 earnings per share. RadNet’s quarterly revenue was up 22.1% on a year-over-year basis. As a group, equities analysts expect that RadNet, Inc. will post 0.53 earnings per share for the current fiscal year.

Institutional Trading of RadNet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. BlackRock Inc. purchased a new position in RadNet during the second quarter worth $675,768,000. JB Capital Partners LP bought a new position in RadNet during the second quarter valued at $87,821,842. Dimensional Fund Advisors LP increased its position in RadNet by 1.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,379,003 shares of the medical research company’s stock valued at $77,074,000 after acquiring an additional 19,188 shares during the last quarter. Bamco Inc. NY purchased a new stake in shares of RadNet in the second quarter valued at $77,765,000. Finally, Van Berkom & Associates Inc. raised its stake in shares of RadNet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock valued at $57,488,000 after acquiring an additional 204,858 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. KeyCorp lifted their price objective on shares of RadNet from $92.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday. Zacks Research cut shares of RadNet from a “strong-buy” rating to a “hold” rating in a research report on Monday. Raymond James Financial reaffirmed a “strong-buy” rating on shares of RadNet in a report on Tuesday, September 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a report on Friday, July 31st. Finally, Truist Financial lifted their price target on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $90.43.

About RadNet

RadNet, Inc. operates outpatient diagnostic imaging centers in the United States. Its centers provide services including magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray and nuclear medicine imaging. The company serves patients, physicians and healthcare organizations, with operations across several states, including California, Delaware, Florida, Maryland, New Jersey and New York. Its imaging centers offer diagnostic services for a range of medical needs, from routine screening to specialized examinations.