Norman R. Hames Sells 5,000 Shares of RadNet, Inc. (NASDAQ:RDNT) Stock

RadNet, Inc. (NASDAQ:RDNT) COO Norman R. Hames sold 5,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total value of $251,100.00. Following the transaction, the chief operating officer now owns 251,959 shares of the company’s stock, valued at approximately $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

RadNet Stock Performance

Shares of RDNT traded up $2.26 during mid-day trading on Wednesday, reaching $50.71. The company’s stock had a trading volume of 1,232,172 shares, compared to its average volume of 615,267. RadNet, Inc. has a 1-year low of $45.16 and a 1-year high of $93.65. The stock has a market cap of $3.75 billion, a P/E ratio of -724.33 and a beta of 1.85. The business has a 50-day simple moving average of $59.62 and a two-hundred day simple moving average of $67.70. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. As a group, equities research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Barclays decreased their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. Truist Financial restated a “buy” rating and issued a $88.00 price target (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. StockNews.com upgraded RadNet to a “sell” rating in a research note on Wednesday. Jefferies Financial Group decreased their price target on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Finally, Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and decreased their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, RadNet currently has a consensus rating of “Buy” and an average target price of $76.75.

Institutional Trading of RadNet

Hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in RadNet during the 4th quarter worth approximately $30,000. Fifth Third Bancorp lifted its holdings in RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after purchasing an additional 305 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after purchasing an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC lifted its holdings in RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after purchasing an additional 422 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in RadNet during the 4th quarter worth approximately $105,000. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Company Profile

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. 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.