RadNet (NASDAQ:RDNT) EVP Mital Patel Sells 44,661 Shares of Stock

Key Points

• RadNet EVP Mital Patel sold 44,661 shares for about $3.51 million at an average price of $78.51, reducing his stake by 22.31% to 155,514 shares.
• RadNet reported quarterly EPS of $0.30, beating the $0.22 consensus estimate, while revenue rose 22.1% year over year to $638.26 million—slightly below expectations.
• Shares fell 2.6% to $76.04 in Thursday trading. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $90.43.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) EVP Mital Patel sold 44,661 shares of the company's stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $78.51, for a total transaction of $3,506,335.11. Following the transaction, the executive vice president owned 155,514 shares in the company, valued at $12,209,404.14. This represents a 22.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

RadNet Stock Down 2.6%

Shares of RDNT stock traded down $2.04 on Thursday, reaching $76.04. 408,016 shares of the company were exchanged, compared to its average volume of 751,583. The company has a market cap of $5.99 billion, a price-to-earnings ratio of 144.59 and a beta of 1.42. The company has a 50-day moving average of $72.74 and a 200-day moving average of $65.49. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.49 and a quick ratio of 1.48. RadNet, Inc. has a one year low of $50.82 and a one year high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Sunday, November 8th. The medical research company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.22 by $0.08. RadNet had a positive return on equity of 3.14% and a negative net margin of 0.94%. The company had revenue of $638.26 million during the quarter, compared to the consensus estimate of $639.97 million. During the same period last year, the business posted $0.20 EPS. The firm's revenue for the quarter was up 22.1% compared to the same quarter last year. Analysts anticipate that RadNet, Inc. will post 0.53 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. KeyCorp increased their target price on RadNet from $92.00 to $95.00 and gave the stock an "overweight" rating in a report on Tuesday. Raymond James Financial reissued a "strong-buy" rating on shares of RadNet in a research report on Tuesday, September 22nd. Truist Financial boosted their price target on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research note on Tuesday, August 11th. Zacks Research downgraded shares of RadNet from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research note on Wednesday, November 4th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $90.43.

Institutional Trading of RadNet

Several institutional investors and hedge funds have recently modified their holdings of the stock. Hantz Financial Services Inc. lifted its holdings in shares of RadNet by 18.8% in the third quarter. Hantz Financial Services Inc. now owns 872 shares of the medical research company's stock valued at $60,000 after purchasing an additional 138 shares in the last quarter. SteelPeak Wealth LLC boosted its position in shares of RadNet by 0.6% during the third quarter. SteelPeak Wealth LLC now owns 25,251 shares of the medical research company's stock valued at $1,741,000 after buying an additional 151 shares during the last quarter. Arizona State Retirement System grew its holdings in RadNet by 0.9% during the second quarter. Arizona State Retirement System now owns 18,203 shares of the medical research company's stock worth $1,123,000 after buying an additional 160 shares in the last quarter. Oppenheimer & Co. Inc. grew its holdings in RadNet by 1.7% during the third quarter. Oppenheimer & Co. Inc. now owns 10,303 shares of the medical research company's stock worth $710,000 after buying an additional 175 shares in the last quarter. Finally, PNC Financial Services Group Inc. grew its holdings in RadNet by 2.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company's stock worth $413,000 after buying an additional 207 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

About RadNet

RadNet, Inc. operates outpatient diagnostic imaging centers in the United States. Its centers provide services including magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray and nuclear medicine imaging. The company serves patients, physicians and healthcare organizations, with operations across several states, including California, Delaware, Florida, Maryland, New Jersey and New York. Its imaging centers offer diagnostic services for a range of medical needs, from routine screening to specialized examinations.

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