RadNet (NASDAQ:RDNT) Posts Quarterly Earnings Results, Beats Expectations By $0.04 EPS

RadNet (NASDAQ:RDNT) released its quarterly earnings results on Monday. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04, FiscalAI reports. The business had revenue of $547.71 million during the quarter, compared to the consensus estimate of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.22 EPS.

RadNet Trading Up 2.6%

Shares of NASDAQ:RDNT opened at $71.61 on Monday. RadNet has a 12-month low of $45.00 and a 12-month high of $85.84. The company has a market cap of $5.52 billion, a PE ratio of -421.23 and a beta of 1.49. The stock has a 50 day moving average of $71.66 and a 200 day moving average of $74.36. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. UBS Group set a $92.00 price objective on shares of RadNet in a research note on Friday, January 9th. Barclays increased their target price on RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. B. Riley Financial boosted their price objective on RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a research report on Monday, December 1st. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a report on Thursday, December 18th. Finally, KeyCorp raised RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RadNet currently has an average rating of “Moderate Buy” and a consensus price target of $90.33.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently added to or reduced their stakes in RDNT. Summit Financial LLC raised its holdings in shares of RadNet by 1.3% during the fourth quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock worth $896,000 after purchasing an additional 166 shares during the last quarter. Bank of Montreal Can lifted its position in shares of RadNet by 3.3% during the 4th quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock valued at $396,000 after buying an additional 180 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of RadNet by 16.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock valued at $113,000 after acquiring an additional 225 shares in the last quarter. Maryland State Retirement & Pension System boosted its position in RadNet by 2.4% during the fourth quarter. Maryland State Retirement & Pension System now owns 10,190 shares of the medical research company’s stock worth $727,000 after acquiring an additional 238 shares during the last quarter. Finally, Osaic Holdings Inc. grew its position in shares of RadNet by 8.9% in the fourth quarter. Osaic Holdings Inc. now owns 3,010 shares of the medical research company’s stock valued at $215,000 after purchasing an additional 245 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

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.