RadNet (NASDAQ:RDNT) Shares Gap Down – Should You Sell?

RadNet, Inc. (NASDAQ:RDNT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $53.08, but opened at $49.92. RadNet shares last traded at $49.64, with a volume of 232,099 shares traded.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Truist Financial lowered their target price on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and reduced their price target for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. StockNews.com upgraded RadNet to a “sell” rating in a research report on Wednesday, March 19th. Finally, Barclays lowered their price objective on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $69.75.

RadNet Trading Down 1.5 %

The business has a fifty day simple moving average of $53.22 and a 200 day simple moving average of $65.21. The company has a market cap of $3.69 billion, a price-to-earnings ratio of -711.04 and a beta of 1.59. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, equities analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now owns 55,995 shares in the company, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total value of $251,100.00. Following the sale, the chief operating officer now owns 251,959 shares in the company, valued at $12,653,380.98. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,000 shares of company stock valued at $1,926,730. Insiders own 5.12% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new stake in RadNet during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp lifted its stake in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after purchasing an additional 305 shares during the last quarter. GAMMA Investing LLC boosted its holdings in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after purchasing an additional 300 shares during the period. Smartleaf Asset Management LLC increased its stake in RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in shares of RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after purchasing an additional 422 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

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.