Short Interest in RadNet, Inc. (NASDAQ:RDNT) Expands By 26.9%


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RadNet, Inc. (NASDAQ:RDNT) was the recipient of a large growth in short interest in April. As of April 15th, there was short interest totalling 1,070,000 shares, a growth of 26.9% from the March 31st total of 843,000 shares. Based on an average daily volume of 197,900 shares, the days-to-cover ratio is currently 5.4 days. Currently, 2.4% of the company’s stock are sold short.

In other RadNet news, Director John V. Crues sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, March 15th. The shares were sold at an average price of $23.82, for a total transaction of $238,200.00. Following the sale, the director now owns 435,262 shares of the company’s stock, valued at $10,367,940.84. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Norman R. Hames sold 35,000 shares of the firm’s stock in a transaction that occurred on Monday, March 8th. The stock was sold at an average price of $21.00, for a total transaction of $735,000.00. Following the transaction, the insider now owns 370,160 shares in the company, valued at $7,773,360. The disclosure for this sale can be found here. Insiders have sold a total of 92,500 shares of company stock valued at $2,027,575 over the last three months. 5.77% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of RadNet by 2.5% in the 4th quarter. BlackRock Inc. now owns 6,540,626 shares of the medical research company’s stock valued at $128,000,000 after purchasing an additional 156,933 shares during the last quarter. Beck Mack & Oliver LLC boosted its holdings in shares of RadNet by 4.3% in the 4th quarter. Beck Mack & Oliver LLC now owns 2,027,466 shares of the medical research company’s stock valued at $39,678,000 after purchasing an additional 82,851 shares during the last quarter. Tamarack Advisers LP boosted its holdings in shares of RadNet by 4.0% in the 4th quarter. Tamarack Advisers LP now owns 650,000 shares of the medical research company’s stock valued at $12,093,000 after purchasing an additional 25,000 shares during the last quarter. SummerHaven Investment Management LLC acquired a new position in shares of RadNet in the 4th quarter valued at $528,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of RadNet by 0.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 282,529 shares of the medical research company’s stock valued at $5,530,000 after purchasing an additional 2,369 shares during the last quarter. Institutional investors and hedge funds own 67.46% of the company’s stock.

A number of equities analysts recently weighed in on RDNT shares. Zacks Investment Research upgraded shares of RadNet from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Tuesday. Raymond James boosted their target price on shares of RadNet from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, March 15th.

RDNT stock traded up $0.10 during trading on Tuesday, hitting $22.98. The stock had a trading volume of 215,416 shares, compared to its average volume of 196,226. The company’s 50 day moving average price is $22.21 and its two-hundred day moving average price is $19.59. RadNet has a 1-year low of $12.80 and a 1-year high of $25.49. The stock has a market cap of $1.20 billion, a price-to-earnings ratio of -108.90 and a beta of 1.52. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.69 and a current ratio of 0.69.

RadNet (NASDAQ:RDNT) last announced its earnings results on Sunday, March 7th. The medical research company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.04). RadNet had a negative net margin of 0.98% and a negative return on equity of 2.72%. The firm had revenue of $308.50 million during the quarter, compared to analyst estimates of $300.62 million. During the same period in the previous year, the firm posted $0.21 EPS. The company’s revenue for the quarter was up 2.6% compared to the same quarter last year. As a group, sell-side analysts forecast that RadNet will post -0.15 earnings per share for the current fiscal year.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. 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.

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