RadNet (NASDAQ:RDNT) Share Price Passes Above 200 Day Moving Average - Should You Sell?

Key Points

• RadNet shares moved above their 200-day moving average, trading as high as $66.41 before last changing hands at $63.31. The stock’s 200-day average was $62.99, a level traders often watch as a technical signal.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average target price of $87.43. However, Barclays trimmed its target from $70 to $65, and Weiss Ratings downgraded the stock slightly.
• Recent earnings showed revenue growth but a profit miss: RadNet posted EPS of -$0.28 versus expectations of -$0.14, while revenue rose 22.1% year over year to $575.63 million. Insiders also sold shares in June, including the CEO and a director.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $62.99 and traded as high as $66.41. RadNet shares last traded at $63.31, with a volume of 577,448 shares changing hands.

Analyst Ratings Changes

RDNT has been the subject of several analyst reports. Barclays decreased their target price on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research report on Wednesday, May 20th. Weiss Ratings downgraded shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $87.43.

RadNet Price Performance

The firm has a market cap of $4.98 billion, a price-to-earnings ratio of -351.70 and a beta of 1.37. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a 50 day moving average of $57.67 and a 200 day moving average of $62.99.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The business had revenue of $575.63 million for the quarter, compared to the consensus estimate of $557.93 million. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. The business's revenue was up 22.1% on a year-over-year basis. Equities research analysts predict that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Insider Transactions at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares of the company's stock, valued at $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 5.60% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. RTW Investments LP increased its position in shares of RadNet by 39.9% during the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock worth $281,012,000 after acquiring an additional 1,122,956 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock worth $192,581,000 after acquiring an additional 627,936 shares during the period. State Street Corp lifted its position in RadNet by 1.6% in the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock valued at $184,017,000 after acquiring an additional 41,356 shares in the last quarter. Geode Capital Management LLC lifted its position in RadNet by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock valued at $119,283,000 after acquiring an additional 6,655 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in RadNet by 26.4% in the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company's stock worth $113,930,000 after purchasing an additional 333,911 shares during the period. Institutional investors own 77.90% of the company's stock.

RadNet Company Profile

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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