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

RadNet, Inc. (NASDAQ:RDNT)’s stock price crossed above its 200-day moving average during trading on Monday . The stock has a 200-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.

Analyst Ratings Changes

Several equities analysts have recently weighed in on RDNT shares. Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Weiss Ratings lowered shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Two research 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 given a Sell rating to the stock. According to MarketBeat, RadNet presently has a consensus rating of “Moderate Buy” and an average target price of $87.43.

RadNet Price Performance

The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. The company has a fifty day moving average price of $57.67 and a two-hundred day moving average price of $62.99. The company has a market cap of $4.98 billion, a P/E ratio of -351.70 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) 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 company had revenue of $575.63 million for the quarter, compared to the consensus estimate of $557.93 million. During the same quarter in the previous year, the company posted ($0.50) EPS. The business’s revenue was up 22.1% on a year-over-year basis. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Trading of RadNet

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDNT. Mairs & Power Inc. raised its holdings in shares of RadNet by 68.9% in the 3rd 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. Nations Financial Group Inc. IA ADV acquired a new stake in RadNet in the 4th quarter valued at about $1,118,000. Campbell Newman Asset Management Inc. bought a new position in RadNet during the fourth quarter worth about $1,773,000. Fred Alger Management LLC grew its holdings in RadNet by 50.7% during the third quarter. Fred Alger Management LLC now owns 490,267 shares of the medical research company’s stock worth $37,363,000 after purchasing an additional 164,842 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in RadNet during the fourth quarter worth approximately $756,000. 77.90% of the stock is owned by institutional investors.

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.