RadNet (NASDAQ:RDNT) Sets New 1-Year Low – Should You Sell?

Shares of RadNet, Inc. (NASDAQ:RDNT) reached a new 52-week low during trading on Monday . The company traded as low as $45.00 and last traded at $47.34, with a volume of 753 shares traded. The stock had previously closed at $48.70.

Wall Street Analyst Weigh In

RDNT has been the subject of several recent analyst reports. Jefferies Financial Group decreased their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Truist Financial reiterated a “buy” rating and set a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. StockNews.com raised shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Finally, Barclays cut their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, RadNet currently has an average rating of “Buy” and a consensus price target of $73.25.

RadNet Stock Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a 50 day moving average of $56.32 and a 200-day moving average of $66.54. The stock has a market capitalization of $3.68 billion, a PE ratio of -710.27 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The firm had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. Research analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $49.79, for a total value of $248,950.00. Following the transaction, the chief operating officer now owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. USA Financial Formulas acquired a new stake in shares of RadNet in the fourth quarter valued at about $30,000. Fifth Third Bancorp boosted its stake in RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 305 shares during the period. Smartleaf Asset Management LLC grew its holdings in RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after buying an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock valued at $99,000 after buying an additional 422 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in shares of RadNet during the fourth quarter worth approximately $105,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.