Short Interest in RadNet, Inc. (NASDAQ:RDNT) Decreases By 15.4%

RadNet, Inc. (NASDAQ:RDNT) was the recipient of a large decline in short interest in June. As of June 15th, there was short interest totalling 2,530,000 shares, a decline of 15.4% from the May 31st total of 2,990,000 shares. Based on an average trading volume of 527,800 shares, the short-interest ratio is presently 4.8 days.

RadNet Trading Down 0.6 %

RDNT stock opened at $58.55 on Tuesday. RadNet has a one year low of $25.11 and a one year high of $64.06. The stock has a market cap of $4.33 billion, a price-to-earnings ratio of 195.17 and a beta of 1.75. The company has a fifty day moving average price of $56.49 and a two-hundred day moving average price of $46.49. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.86 and a quick ratio of 1.86.

RadNet (NASDAQ:RDNT) last posted its earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.16. The company had revenue of $431.70 million during the quarter, compared to analysts’ expectations of $421.72 million. RadNet had a net margin of 1.28% and a return on equity of 5.05%. RadNet’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.08) EPS. Equities analysts anticipate that RadNet will post 0.59 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Raymond James upped their price objective on RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research note on Friday, May 10th. StockNews.com lowered shares of RadNet from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Jefferies Financial Group increased their price target on shares of RadNet from $47.00 to $58.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Truist Financial restated a “buy” rating and set a $63.00 price objective (up from $55.00) on shares of RadNet in a research note on Wednesday, May 15th. Finally, Barclays initiated coverage on shares of RadNet in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $48.00 target price for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $57.25.

Insider Buying and Selling at RadNet

In other news, Director Gregory E. Spurlock sold 7,167 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $59.75, for a total transaction of $428,228.25. Following the completion of the transaction, the director now directly owns 9,758 shares of the company’s stock, valued at approximately $583,040.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Lawrence L. Levitt sold 4,000 shares of RadNet stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $57.77, for a total value of $231,080.00. Following the sale, the director now owns 172,657 shares of the company’s stock, valued at $9,974,394.89. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Gregory E. Spurlock sold 7,167 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the transaction, the director now directly owns 9,758 shares of the company’s stock, valued at $583,040.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,730 shares of company stock worth $6,121,516. Corporate insiders own 5.12% of the company’s stock.

Institutional Trading of RadNet

Several hedge funds have recently added to or reduced their stakes in the company. Assetmark Inc. grew its stake in shares of RadNet by 35.2% in the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock valued at $111,000 after acquiring an additional 829 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of RadNet by 8.7% during the 1st quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock valued at $177,000 after purchasing an additional 291 shares during the last quarter. MQS Management LLC acquired a new position in RadNet during the 1st quarter worth approximately $207,000. Los Angeles Capital Management LLC acquired a new stake in RadNet in the first quarter valued at approximately $218,000. Finally, Entropy Technologies LP acquired a new stake in shares of RadNet during the first quarter valued at about $228,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.