RadNet (NASDAQ:RDNT) Posts Earnings Results, Misses Expectations By $0.03 EPS

RadNet (NASDAQ:RDNT) issued its quarterly earnings results on Sunday. The medical research company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03), Briefing.com reports. The firm had revenue of $522.87 million for the quarter, compared to analysts’ expectations of $494.19 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.18 earnings per share.

RadNet Trading Down 2.9%

Shares of RadNet stock traded down $2.35 during mid-day trading on Tuesday, hitting $78.50. The stock had a trading volume of 1,296,460 shares, compared to its average volume of 788,908. The firm has a 50-day moving average of $76.26 and a two-hundred day moving average of $64.78. The firm has a market cap of $6.04 billion, a P/E ratio of -392.48 and a beta of 1.58. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet has a 12-month low of $45.00 and a 12-month high of $87.86.

Insider Buying and Selling at RadNet

In other news, EVP Mark Stolper sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total value of $2,586,150.00. Following the completion of the transaction, the executive vice president owned 68,012 shares of the company’s stock, valued at approximately $5,025,406.68. This trade represents a 33.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the sale, the insider directly owned 138,198 shares in the company, valued at approximately $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 135,098 shares of company stock valued at $9,430,715. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC grew its holdings in shares of RadNet by 5.4% during the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after buying an additional 350 shares during the last quarter. Evergreen Capital Management LLC lifted its position in RadNet by 7.8% during the 2nd quarter. Evergreen Capital Management LLC now owns 4,832 shares of the medical research company’s stock worth $275,000 after acquiring an additional 351 shares during the period. Corient Private Wealth LLC grew its stake in shares of RadNet by 13.0% in the 2nd quarter. Corient Private Wealth LLC now owns 5,233 shares of the medical research company’s stock valued at $298,000 after purchasing an additional 604 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of RadNet by 1.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 70,019 shares of the medical research company’s stock valued at $3,983,000 after purchasing an additional 1,001 shares during the period. Finally, State of Wyoming purchased a new stake in shares of RadNet during the second quarter worth approximately $58,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RDNT shares. Raymond James Financial reaffirmed a “strong-buy” rating and set a $75.00 target price (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Truist Financial upped their price objective on shares of RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, RadNet has a consensus rating of “Buy” and an average target price of $76.80.

RadNet Company Profile

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.