Insider Selling: RadNet, Inc. (NASDAQ:RDNT) COO Sells $917,250.00 in Stock

RadNet, Inc. (NASDAQ:RDNT) COO Norman R. Hames sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.15, for a total value of $917,250.00. Following the sale, the chief operating officer now directly owns 280,919 shares of the company’s stock, valued at approximately $17,178,196.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

RadNet Stock Down 0.5 %

Shares of NASDAQ:RDNT opened at $58.47 on Friday. The business’s 50 day simple moving average is $54.25 and its two-hundred day simple moving average is $44.58. The firm has a market cap of $4.32 billion, a P/E ratio of 194.90 and a beta of 1.76. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.86 and a current ratio of 1.86. RadNet, Inc. has a 52-week low of $25.11 and a 52-week high of $64.06.

RadNet (NASDAQ:RDNT) last posted its earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.16. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The company had revenue of $431.70 million for the quarter, compared to analyst estimates of $421.72 million. During the same quarter last year, the company earned ($0.08) earnings per share. The company’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, research analysts forecast that RadNet, Inc. will post 0.59 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on RDNT. Truist Financial reaffirmed a “buy” rating and set a $63.00 target price (up previously from $55.00) on shares of RadNet in a research note on Wednesday, May 15th. Barclays initiated coverage on RadNet in a report on Wednesday, March 6th. They issued an “equal weight” rating and a $48.00 price target on the stock. Jefferies Financial Group increased their price target on RadNet from $47.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. StockNews.com lowered RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Finally, Raymond James increased their price target on RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $57.25.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Castleark Management LLC bought a new position in shares of RadNet in the first quarter valued at approximately $7,286,000. 8 Knots Management LLC bought a new position in shares of RadNet in the first quarter valued at approximately $20,273,000. Janus Henderson Group PLC lifted its holdings in shares of RadNet by 108.6% in the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock valued at $3,112,000 after purchasing an additional 33,335 shares in the last quarter. Robotti Robert lifted its holdings in shares of RadNet by 0.4% in the first quarter. Robotti Robert now owns 291,083 shares of the medical research company’s stock valued at $14,164,000 after purchasing an additional 1,070 shares in the last quarter. Finally, Bamco Inc. NY bought a new position in shares of RadNet in the first quarter valued at approximately $973,000. Institutional investors own 77.90% of the company’s stock.

About RadNet

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.