Insider Selling: RadNet (NASDAQ:RDNT) Director Sells $145,449.11 in Stock

RadNet, Inc. (NASDAQ:RDNT) Director David Swartz sold 2,699 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

RadNet Stock Performance

Shares of RDNT traded up $2.02 during midday trading on Monday, reaching $55.76. 870,455 shares of the stock were exchanged, compared to its average volume of 827,276. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a market cap of $4.38 billion, a P/E ratio of -309.76 and a beta of 1.41. The stock’s 50 day simple moving average is $55.82 and its 200 day simple moving average is $64.39.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. During the same period in the previous year, the firm posted ($0.50) EPS. The company’s revenue was up 22.1% compared to the same quarter last year. On average, sell-side analysts expect that RadNet, Inc. will post 0.54 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Barclays cut their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Jefferies Financial Group reiterated a “buy” rating and issued a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Finally, Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $87.43.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC lifted its holdings in shares of RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after acquiring an additional 350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of RadNet by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after purchasing an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp increased its position in RadNet by 563.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after purchasing an additional 1,448 shares in the last quarter. United Services Automobile Association acquired a new position in RadNet during the 1st quarter worth approximately $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in RadNet by 2.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after purchasing an additional 8,762 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

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.