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


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RadNet, Inc. (NASDAQ:RDNT) was the target of a significant 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. Currently, 2.4% of the company’s stock are sold short. Based on an average daily trading volume, of 197,900 shares, the days-to-cover ratio is presently 5.4 days.

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

Shares of RadNet stock traded up $0.10 during trading on Tuesday, reaching $22.98. The company’s stock had a trading volume of 215,416 shares, compared to its average volume of 196,226. The company has a debt-to-equity ratio of 2.55, a quick ratio of 0.69 and a current ratio of 0.69. The business’s fifty day moving average price is $22.21 and its 200-day moving average price is $19.59. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -108.90 and a beta of 1.52. RadNet has a one year low of $12.80 and a one year high of $25.49.

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

In related news, Director Lawrence L. Levitt sold 10,000 shares of RadNet stock in a transaction on Thursday, March 11th. The stock was sold at an average price of $23.50, for a total transaction of $235,000.00. Following the completion of the sale, the director now owns 155,600 shares of the company’s stock, valued at $3,656,600. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Norman R. Hames sold 35,000 shares of RadNet stock in a transaction on Monday, March 8th. The shares were sold at an average price of $21.00, for a total value of $735,000.00. Following the sale, the insider now directly owns 370,160 shares of the company’s stock, valued at approximately $7,773,360. The disclosure for this sale can be found here. Insiders have sold 92,500 shares of company stock worth $2,027,575 in the last quarter. 5.77% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vantage Consulting Group Inc acquired a new stake in RadNet during the fourth quarter worth $26,000. Arkadios Wealth Advisors acquired a new stake in RadNet during the first quarter worth $54,000. ProShare Advisors LLC acquired a new stake in RadNet during the fourth quarter worth $205,000. Aperio Group LLC acquired a new stake in RadNet during the fourth quarter worth $212,000. Finally, Everence Capital Management Inc. acquired a new stake in RadNet during the first quarter worth $246,000. Hedge funds and other institutional investors own 67.46% of the company’s stock.

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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