RadNet (NASDAQ:RDNT) Announces Quarterly Earnings Results

Key Points

• RadNet reported quarterly EPS of ($0.28), which missed analyst estimates of ($0.16) and was worse than the ($0.50) loss in the same quarter last year.
• Despite the earnings miss, revenue rose 22.1% year over year, and the company posted a negative net margin of 0.91% with a positive return on equity of 2.52%.
• Analyst sentiment remains mixed to positive, with a consensus rating of “Moderate Buy” and an average price target of $88.14, though Barclays recently cut its target to $70.

RadNet (NASDAQ:RDNT - Get Free Report) announced its quarterly earnings data on Sunday. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.12), Briefing.com reports. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The business's revenue was up 22.1% compared to the same quarter last year. During the same period last year, the firm earned ($0.50) earnings per share.

RadNet Price Performance

RDNT stock opened at $58.19 on Monday. The firm has a 50-day moving average price of $60.26 and a 200-day moving average price of $69.81. RadNet has a 12 month low of $50.76 and a 12 month high of $85.84. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The stock has a market capitalization of $4.55 billion, a P/E ratio of -232.76 and a beta of 1.43.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on RDNT shares. Barclays dropped their price target on RadNet from $86.00 to $70.00 and set an "overweight" rating for the company in a research note on Tuesday, April 21st. Jefferies Financial Group reissued a "buy" rating and issued a $91.00 target price on shares of RadNet in a report on Tuesday, March 3rd. Two equities research analysts have 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 MarketBeat, RadNet has an average rating of "Moderate Buy" and a consensus target price of $88.14.

Insider Activity

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the transaction, the insider directly owned 1,208,923 shares in the company, valued at $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 5.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Danske Bank A S acquired a new stake in shares of RadNet during the 3rd quarter valued at $30,000. Allworth Financial LP raised its position in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after purchasing an additional 305 shares during the last quarter. State of Wyoming acquired a new stake in shares of RadNet during the second quarter valued at about $58,000. Kestra Advisory Services LLC acquired a new stake in shares of RadNet during the fourth quarter valued at about $67,000. Finally, Jones Financial Companies Lllp grew its holdings in shares of RadNet by 563.4% during the first 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 during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.

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