RadNet (NASDAQ:RDNT) Posts Earnings Results, Beats Expectations By $0.14 EPS

Key Points

• RadNet reported a $0.31 EPS for the quarter, exceeding analysts' expectations of $0.17 by $0.14, along with revenue of $498.23 million, surpassing the $488.06 million forecast.
• The company experienced a year-over-year revenue growth of 8.4%, compared to an EPS of $0.16 in the same quarter last year.
• Insiders sold over 63,000 shares of RadNet stock in the last quarter, indicating a 4.52% decrease in EVP Alma Gregory Sorensen’s ownership and a 10.47% decrease for COO Norman R. Hames.

RadNet (NASDAQ:RDNT - Get Free Report) posted its quarterly earnings results on Sunday. The medical research company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.14, Briefing.com reports. RadNet had a positive return on equity of 2.44% and a negative net margin of 0.78%. The business had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. During the same quarter last year, the company posted $0.16 earnings per share. RadNet's quarterly revenue was up 8.4% on a year-over-year basis.

RadNet Stock Performance

RadNet stock traded up $1.60 during mid-day trading on Tuesday, reaching $63.60. The company's stock had a trading volume of 1,421,835 shares, compared to its average volume of 899,250. RadNet has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a market capitalization of $4.77 billion, a P/E ratio of -317.98 and a beta of 1.43. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.01 and a current ratio of 2.01. The firm's fifty day moving average price is $56.75 and its two-hundred day moving average price is $55.82.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on RDNT shares. B. Riley assumed coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective for the company. Wall Street Zen downgraded shares of RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Morgan Stanley upgraded RadNet to an "overweight" rating in a report on Monday. Finally, Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, four have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $69.60.

Insider Buying and Selling

In other news, COO Norman R. Hames sold 5,536 shares of the business's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the completion of the transaction, the chief operating officer directly owned 249,183 shares in the company, valued at $14,950,980. The trade was a 2.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the transaction, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,447 shares of company stock valued at $3,613,220 over the last quarter. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in RDNT. AQR Capital Management LLC grew its position in shares of RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock valued at $340,000 after purchasing an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 worth $1,956,000 after acquiring an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of 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 acquiring an additional 1,448 shares during the last quarter. United Services Automobile Association bought a new stake in shares of RadNet during the 1st quarter worth $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of RadNet by 2.0% during 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 worth $21,904,000 after acquiring an additional 8,762 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Company Profile

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.