RadNet (NASDAQ:RDNT) Director David Swartz Sells 2,699 Shares of Stock

RadNet, Inc. (NASDAQ:RDNT) Director David Swartz sold 2,699 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

RadNet Stock Up 3.8%

RDNT stock traded up $2.02 during mid-day trading on Monday, hitting $55.76. 870,455 shares of the company were exchanged, compared to its average volume of 827,276. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. RadNet, Inc. has a 1-year low of $50.76 and a 1-year high of $85.84. The firm’s 50 day simple moving average is $55.82 and its 200 day simple moving average is $64.39. The firm has a market cap of $4.38 billion, a P/E ratio of -309.76 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. During the same quarter last year, the company earned ($0.50) EPS. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, sell-side analysts predict that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on RDNT shares. Barclays lowered their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Jefferies Financial Group reaffirmed a “buy” rating and set a $91.00 price objective on shares of RadNet in a research report on Tuesday, March 3rd. Finally, Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $87.43.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of RDNT. Vanguard Group Inc. increased its position in RadNet by 1.3% during the third quarter. Vanguard Group Inc. now owns 7,483,869 shares of the medical research company’s stock worth $570,346,000 after buying an additional 95,015 shares during the last quarter. RTW Investments LP boosted its holdings in shares of RadNet by 39.9% during 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 period. Beck Mack & Oliver LLC boosted its holdings in shares of RadNet by 0.4% during the third quarter. Beck Mack & Oliver LLC now owns 3,276,774 shares of the medical research company’s stock worth $249,723,000 after acquiring an additional 13,633 shares during the period. Price T Rowe Associates Inc. MD grew its position in shares of RadNet by 30.3% in the fourth 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. Finally, State Street Corp grew its position in shares of RadNet by 1.6% in the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock valued at $184,017,000 after purchasing an additional 41,356 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.