Insider Selling: RadNet, Inc. (NASDAQ:RDNT) EVP Sells 17,000 Shares of Stock

Key Points

• RadNet's Executive Vice President, David Jeffrey Katz, sold 17,000 shares of the company's stock for a total of $1,161,270, reducing his ownership by 16.38% to 86,774 shares.
• The company reported earnings of $0.31 per share for the last quarter, exceeding the consensus estimate of $0.17, and saw an 8.4% year-over-year revenue increase reaching $498.23 million.
• Recent analyst ratings include a "strong-buy" recommendation from Raymond James and a price target increase to $75.00, while the average price target for the stock is $71.60.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the sale, the executive vice president directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. This trade represents a 16.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

RadNet Stock Up 0.5%

RadNet stock opened at $68.75 on Friday. The stock's 50 day moving average price is $57.20 and its 200 day moving average price is $55.95. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a market cap of $5.29 billion, a PE ratio of -343.73 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.01.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The business had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the previous year, the company posted $0.16 EPS. The business's revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently made changes to their positions in RDNT. American Century Companies Inc. increased its position in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock worth $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of RadNet by 81.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock valued at $82,417,000 after acquiring an additional 743,922 shares in the last quarter. Alyeska Investment Group L.P. boosted its position in RadNet by 141.7% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock worth $60,404,000 after purchasing an additional 712,270 shares during the period. Ameriprise Financial Inc. increased its holdings in RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company's stock valued at $79,364,000 after purchasing an additional 618,392 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of RadNet during the first quarter worth about $27,422,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RDNT shares. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Morgan Stanley raised shares of RadNet to an "overweight" rating in a research note on Monday. Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. Finally, B. Riley assumed coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $71.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.