RadNet (NASDAQ:RDNT) Issues Earnings Results, Beats Estimates By $0.09 EPS

RadNet (NASDAQ:RDNT) issued its quarterly earnings data on Monday. The medical research company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.20 by $0.09, FiscalAI reports. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million.

RadNet Price Performance

Shares of RadNet stock opened at $72.39 on Monday. The stock’s 50-day moving average is $60.95 and its 200 day moving average is $61.66. RadNet has a one year low of $50.82 and a one year high of $85.84. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of -402.14 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RadNet

A number of institutional investors and hedge funds have recently made changes to their positions in RDNT. RTW Investments LP grew its stake in shares of RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after buying an additional 1,122,956 shares during the period. Price T Rowe Associates Inc. MD increased its stake in RadNet by 30.3% during 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 in the last quarter. State Street Corp raised its holdings in RadNet by 1.6% during the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock worth $184,017,000 after buying an additional 41,356 shares during the last quarter. Invesco Ltd. lifted its stake in shares of RadNet by 26.4% in the fourth quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company’s stock valued at $113,930,000 after buying an additional 333,911 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its holdings in shares of RadNet by 1.4% during the third quarter. Ameriprise Financial Inc. now owns 1,413,734 shares of the medical research company’s stock valued at $107,741,000 after buying an additional 19,182 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RDNT shares. Barclays reduced their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, RadNet presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.43.

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.