RadNet (NASDAQ:RDNT) Shares Gap Down – What’s Next?

RadNet, Inc. (NASDAQ:RDNT) gapped down prior to trading on Wednesday . The stock had previously closed at $53.08, but opened at $49.92. RadNet shares last traded at $49.64, with a volume of 232,099 shares.

Analysts Set New Price Targets

RDNT has been the topic of several research analyst reports. StockNews.com raised shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and cut their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays dropped their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Truist Financial cut their price target on shares of RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Jefferies Financial Group decreased their target price on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $69.75.

RadNet Stock Performance

The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $53.71 and its 200 day moving average price is $65.45. The company has a market capitalization of $3.81 billion, a price-to-earnings ratio of -734.90 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. Analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity

In other news, COO Norman R. Hames sold 5,000 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now directly owns 261,959 shares in the company, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Cornelis Wesdorp sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares in the company, valued at approximately $3,101,957.10. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently made changes to their positions in RDNT. HighTower Advisors LLC increased its position in shares of RadNet by 1.8% during the third quarter. HighTower Advisors LLC now owns 7,861 shares of the medical research company’s stock worth $545,000 after buying an additional 136 shares during the period. Highland Capital Management LLC grew its holdings in RadNet by 6.5% during the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company’s stock worth $231,000 after acquiring an additional 202 shares during the period. Summit Investment Advisors Inc. raised its position in shares of RadNet by 3.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company’s stock worth $483,000 after acquiring an additional 219 shares in the last quarter. Summit Financial LLC raised its position in shares of RadNet by 2.4% in the 4th quarter. Summit Financial LLC now owns 11,111 shares of the medical research company’s stock worth $776,000 after acquiring an additional 262 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of RadNet by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock valued at $82,000 after purchasing an additional 300 shares during the period. Institutional investors and hedge funds 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.