Insider Selling: RadNet Inc. (RDNT) Insider Sells 10,900 Shares of Stock
RadNet Inc. (NASDAQ:RDNT) insider Michael N. Murdock sold 10,900 shares of RadNet stock in a transaction that occurred on Wednesday, May 24th. The shares were sold at an average price of $7.45, for a total transaction of $81,205.00. Following the sale, the insider now directly owns 166,936 shares of the company’s stock, valued at approximately $1,243,673.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
Shares of RadNet Inc. (NASDAQ:RDNT) traded down 1.36% during trading on Thursday, reaching $7.25. 188,786 shares of the company traded hands. RadNet Inc. has a 52 week low of $4.97 and a 52 week high of $7.98. The company has a market capitalization of $342.32 million, a price-to-earnings ratio of 47.08 and a beta of 1.40. The firm’s 50 day moving average price is $6.34 and its 200-day moving average price is $6.15.
RadNet (NASDAQ:RDNT) last released its earnings results on Wednesday, May 10th. The medical research company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.01). The company had revenue of $229 million for the quarter, compared to analyst estimates of $223.50 million. RadNet had a net margin of 0.51% and a return on equity of 22.29%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.04) EPS. Equities analysts anticipate that RadNet Inc. will post $0.26 EPS for the current fiscal year.
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Several analysts have recently weighed in on the stock. Zacks Investment Research downgraded shares of RadNet from a “hold” rating to a “sell” rating in a research note on Friday, March 17th. Jefferies Group LLC set a $7.00 price target on shares of RadNet and gave the company a “hold” rating in a research note on Thursday, March 16th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. RadNet presently has a consensus rating of “Hold” and a consensus price target of $7.75.
A number of large investors have recently added to or reduced their stakes in RDNT. Cadence Capital Management LLC raised its stake in RadNet by 2.6% in the fourth quarter. Cadence Capital Management LLC now owns 129,458 shares of the medical research company’s stock worth $835,000 after buying an additional 3,297 shares during the period. State Board of Administration of Florida Retirement System raised its stake in RadNet by 282.9% in the fourth quarter. State Board of Administration of Florida Retirement System now owns 119,763 shares of the medical research company’s stock worth $772,000 after buying an additional 88,483 shares during the period. State Street Corp raised its stake in RadNet by 9.1% in the fourth quarter. State Street Corp now owns 614,416 shares of the medical research company’s stock worth $3,962,000 after buying an additional 51,027 shares during the period. Dimensional Fund Advisors LP raised its stake in RadNet by 8.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,375,696 shares of the medical research company’s stock worth $8,873,000 after buying an additional 103,885 shares during the period. Finally, Renaissance Technologies LLC raised its stake in RadNet by 31.2% in the fourth quarter. Renaissance Technologies LLC now owns 570,101 shares of the medical research company’s stock worth $3,677,000 after buying an additional 135,701 shares during the period. Institutional investors own 46.76% of the company’s stock.
RadNet, Inc is a provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States. As of December 31, 2016, the Company operated directly or indirectly through joint ventures, 305 centers located in California, Delaware, Florida, Maryland, New Jersey, New York and Rhode Island.
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