RadNet (NASDAQ:RDNT) Shares Down 6.3% – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT)’s stock price fell 6.3% during trading on Monday . The stock traded as low as $57.14 and last traded at $56.5740. 211,743 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 799,766 shares. The stock had previously closed at $60.39.

Wall Street Analyst Weigh In

Several research firms have commented on RDNT. UBS Group set a $92.00 price objective on shares of RadNet in a research note on Friday, January 9th. Jefferies Financial Group reiterated a “buy” rating and issued a $91.00 price objective on shares of RadNet in a research note on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. Finally, KeyCorp raised shares of RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Two equities research 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 issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $90.43.

RadNet Stock Performance

The company has a market capitalization of $4.48 billion, a P/E ratio of -230.94 and a beta of 1.53. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The company’s fifty day moving average is $63.10 and its 200 day moving average is $71.34.

RadNet (NASDAQ:RDNT) last issued its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. The business had revenue of $547.71 million for the quarter, compared to analysts’ expectations of $515.67 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.22 EPS. As a group, equities analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In other news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction 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 transaction, the insider directly owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On RadNet

A number of large investors have recently made changes to their positions in RDNT. AQR Capital Management LLC boosted its holdings in shares of RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after acquiring an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of 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 worth $1,956,000 after acquiring an additional 1,699 shares during the period. Jones Financial Companies Lllp boosted its holdings 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 worth $85,000 after acquiring an additional 1,448 shares during the period. United Services Automobile Association bought a new position in RadNet in the 1st quarter valued at $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in 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 valued at $21,904,000 after purchasing an additional 8,762 shares during the period. 77.90% of the stock is owned by institutional investors.

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.