RadNet (NASDAQ:RDNT) Shares Down 7.5% – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT) shares were down 7.5% on Wednesday . The company traded as low as $52.25 and last traded at $52.26. Approximately 75,944 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 799,037 shares. The stock had previously closed at $56.51.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RDNT shares. Barclays reduced their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, May 20th. Jefferies Financial Group reissued a “buy” rating and issued a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, RadNet has a consensus rating of “Moderate Buy” and an average target price of $87.43.

RadNet Trading Down 2.9%

The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The company has a market capitalization of $4.31 billion, a price-to-earnings ratio of -304.77 and a beta of 1.41. The business’s 50 day simple moving average is $55.92 and its 200 day simple moving average is $64.99.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.50) earnings per share. Research analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Mairs & Power Inc. increased its stake in RadNet by 68.9% in the third quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after purchasing an additional 39,752 shares during the period. US Bancorp DE increased its stake in shares of RadNet by 485.4% during the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock worth $2,161,000 after acquiring an additional 23,507 shares during the period. Neuberger Berman Group LLC raised its holdings in RadNet by 59.4% during the third quarter. Neuberger Berman Group LLC now owns 456,855 shares of the medical research company’s stock worth $34,817,000 after purchasing an additional 170,261 shares in the last quarter. Segall Bryant & Hamill LLC raised its holdings in RadNet by 15.5% during the third quarter. Segall Bryant & Hamill LLC now owns 368,934 shares of the medical research company’s stock worth $28,116,000 after purchasing an additional 49,527 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV acquired a new stake in RadNet in the fourth quarter valued at about $1,118,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.