RadNet (NASDAQ:RDNT) Posts Earnings Results, Misses Expectations By $0.12 EPS

RadNet (NASDAQ:RDNT) posted its quarterly earnings results on Sunday. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12), Briefing.com reports. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. During the same period last year, the firm posted ($0.50) earnings per share. RadNet’s revenue for the quarter was up 22.1% on a year-over-year basis.

RadNet Stock Performance

NASDAQ RDNT opened at $58.19 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76. The stock has a market capitalization of $4.55 billion, a P/E ratio of -232.76 and a beta of 1.43. The firm’s 50-day moving average is $60.26 and its two-hundred day moving average is $69.81. RadNet has a 12 month low of $50.76 and a 12 month high of $85.84.

Analyst Ratings Changes

Several analysts have issued reports on the company. Barclays dropped their target price on RadNet from $86.00 to $70.00 and set an “overweight” rating for the company in a report on Tuesday, April 21st. Jefferies Financial Group reiterated a “buy” rating and set a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $88.14.

Insider Buying and Selling at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the sale, the insider owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RadNet

A number of hedge funds have recently added to or reduced their stakes in RDNT. RTW Investments LP lifted its stake in RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock worth $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Polar Capital Holdings Plc acquired a new position in RadNet during the 3rd quarter worth approximately $63,423,000. Price T Rowe Associates Inc. MD increased its position in shares of RadNet by 30.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock valued at $192,581,000 after purchasing an additional 627,936 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock valued at $79,364,000 after purchasing an additional 618,392 shares during the last quarter. Finally, Defiance ETFs LLC acquired a new stake in shares of RadNet in the 4th quarter valued at $37,019,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

About RadNet

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.