Mital Patel Sells 9,920 Shares of RadNet (NASDAQ:RDNT) Stock

RadNet, Inc. (NASDAQ:RDNT) CAO Mital Patel sold 9,920 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $80.00, for a total value of $793,600.00. Following the sale, the chief accounting officer directly owned 195,218 shares of the company’s stock, valued at $15,617,440. This represents a 4.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Mital Patel also recently made the following trade(s):

• On Wednesday, November 19th, Mital Patel sold 15,080 shares of RadNet stock. The shares were sold at an average price of $80.05, for a total transaction of $1,207,154.00.
• On Monday, November 17th, Mital Patel sold 25,000 shares of RadNet stock. The stock was sold at an average price of $76.06, for a total transaction of $1,901,500.00.

RadNet Trading Up 1.4%

Shares of RDNT traded up $1.13 on Wednesday, reaching $80.29. 742,440 shares of the company’s stock were exchanged, compared to its average volume of 793,657. The business has a 50 day moving average price of $76.82 and a two-hundred day moving average price of $65.81. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.42. The stock has a market capitalization of $6.19 billion, a P/E ratio of -401.43 and a beta of 1.58. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last issued its earnings results on Sunday, November 9th. The medical research company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business’s revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.18 EPS. Research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Hedge Funds Weigh In On RadNet

A number of large investors have recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in shares of RadNet by 50.3% in the first quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company’s stock valued at $6,855,000 after purchasing an additional 46,169 shares during the last quarter. Praxis Investment Management Inc. acquired a new position in RadNet during the second quarter worth $225,000. Fulton Bank N.A. bought a new position in RadNet in the second quarter valued at $389,000. Wellington Shields & Co. LLC bought a new position in RadNet in the first quarter valued at $393,000. Finally, Emerald Advisers LLC increased its stake in RadNet by 4.2% in the 2nd quarter. Emerald Advisers LLC now owns 672,356 shares of the medical research company’s stock valued at $38,264,000 after buying an additional 27,134 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Weiss Ratings reissued a “sell (d)” rating on shares of RadNet in a report on Wednesday, October 8th. Morgan Stanley upgraded RadNet to an “overweight” rating in a report on Monday, August 11th. Wall Street Zen raised RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Barclays increased their price target on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Finally, Truist Financial lifted their price objective on RadNet from $81.00 to $90.00 and gave the company a “buy” rating in a report on Wednesday, November 12th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, RadNet presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.00.

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.