RadNet (NASDAQ:RDNT) CEO Cornelis Wesdorp Sells 500 Shares

Key Points

• RadNet CEO Cornelis Wesdorp sold 500 shares at an average price of $72.13, totaling $36,065, reducing his ownership by 0.93% to 53,495 shares valued at approximately $3.86 million.
• RadNet reported strong quarterly earnings, with $0.31 earnings per share, beating analyst expectations and showing an 8.4% revenue increase year-over-year to $498.23 million.
• Analysts maintain a Buy consensus rating for RadNet, with a revised average price target of $76.80 after several upgrades from firms like Raymond James and Truist Financial.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) CEO Cornelis Wesdorp sold 500 shares of the stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $72.13, for a total transaction of $36,065.00. Following the transaction, the chief executive officer directly owned 53,495 shares in the company, valued at $3,858,594.35. This trade represents a 0.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Cornelis Wesdorp also recently made the following trade(s):

• On Tuesday, September 9th, Cornelis Wesdorp sold 500 shares of RadNet stock. The stock was sold at an average price of $71.99, for a total transaction of $35,995.00.
• On Tuesday, August 19th, Cornelis Wesdorp sold 1,500 shares of RadNet stock. The stock was sold at an average price of $66.98, for a total transaction of $100,470.00.

RadNet Price Performance

RDNT stock opened at $74.01 on Monday. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The stock has a market capitalization of $5.69 billion, a PE ratio of -370.03 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The company's 50-day moving average is $63.04 and its 200-day moving average is $56.97.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $498.23 million for the quarter, compared to analysts' expectations of $488.06 million. During the same quarter last year, the firm earned $0.16 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Equities research analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Hedge Funds Weigh In On RadNet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDNT. Headlands Technologies LLC purchased a new position in shares of RadNet in the 1st quarter worth about $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of RadNet in the 2nd quarter worth about $35,000. State of Wyoming purchased a new position in shares of RadNet in the 2nd quarter worth about $58,000. Family Legacy Financial Solutions LLC purchased a new position in shares of RadNet in the 2nd quarter worth about $85,000. Finally, Neo Ivy Capital Management purchased a new position in shares of RadNet in the 2nd quarter worth about $88,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Truist Financial increased their price objective on RadNet from $74.00 to $81.00 and gave the company a "buy" rating in a report on Wednesday, September 3rd. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Finally, B. Riley initiated coverage on RadNet in a research note on Friday, June 13th. They issued a "buy" rating and a $69.00 target price on the stock. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, RadNet presently has an average rating of "Buy" and a consensus target price of $76.80.

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.

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