RadNet (NASDAQ:RDNT) Stock Price Down 3.5% – What’s Next?

RadNet, Inc. (NASDAQ:RDNT) shares dropped 3.5% during trading on Monday . The company traded as low as $73.72 and last traded at $73.99. Approximately 95,440 shares were traded during trading, a decline of 88% from the average daily volume of 818,724 shares. The stock had previously closed at $76.68.

Analysts Set New Price Targets

RDNT has been the topic of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research report on Monday, December 15th. Zacks Research cut shares of RadNet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. The Goldman Sachs Group raised shares of RadNet to a “buy” rating in a report on Tuesday, December 16th. Truist Financial set a $90.00 price objective on shares of RadNet in a research report on Wednesday, December 17th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of RadNet in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.60.

RadNet Stock Performance

The stock has a fifty day moving average price of $78.11 and a 200 day moving average price of $69.20. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82. The firm has a market cap of $5.75 billion, a price-to-earnings ratio of -438.27 and a beta of 1.49.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The company had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. During the same period in the previous year, the company earned $0.18 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Transactions at RadNet

In related news, CAO Mital Patel sold 25,000 shares of RadNet stock in a transaction on Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer owned 205,138 shares in the company, valued at $15,602,796.28. This trade represents a 10.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In the last quarter, insiders have sold 50,000 shares of company stock valued at $3,902,254. Company insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several hedge funds and other institutional investors have recently made changes to their positions in RDNT. Allworth Financial LP boosted its stake in RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S bought a new stake in shares of RadNet in the third quarter valued at approximately $30,000. Farther Finance Advisors LLC grew its stake in shares of RadNet by 1,086.5% in the third quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock worth $33,000 after acquiring an additional 402 shares during the last quarter. Jones Financial Companies Lllp increased its position in RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after acquiring an additional 171 shares during the period. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in RadNet during the second quarter worth $35,000. 77.90% of the stock is 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.