RadNet (NASDAQ:RDNT) Shares Gap Down - Here's Why

RadNet, Inc. (NASDAQ:RDNT - Get Free Report)'s stock price gapped down before the market opened on Wednesday . The stock had previously closed at $53.08, but opened at $49.92. RadNet shares last traded at $49.64, with a volume of 232,099 shares trading hands.

Analyst Upgrades and Downgrades

RDNT has been the topic of several recent analyst reports. StockNews.com upgraded shares of RadNet to a "sell" rating in a research note on Wednesday, March 19th. Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Truist Financial decreased their price objective on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Jefferies Financial Group dropped their target price on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a research report on Wednesday, January 15th. One research 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 stock. According to MarketBeat, RadNet presently has a consensus rating of "Buy" and a consensus price target of $69.75.

RadNet Price Performance

The firm has a market capitalization of $3.51 billion, a P/E ratio of -676.47 and a beta of 1.59. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The business's 50-day simple moving average is $52.98 and its 200 day simple moving average is $65.04.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping 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 business had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. Sell-side analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In related news, COO Norman R. Hames sold 5,000 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the sale, the chief operating officer now directly owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of the stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares of the company's stock, valued at $3,101,957.10. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 in the last ninety days. 5.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC grew its stake in shares of RadNet by 28.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company's stock worth $345,000 after purchasing an additional 1,545 shares during the last quarter. SG Americas Securities LLC grew its position in shares of RadNet by 239.5% in the 1st quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company's stock worth $663,000 after buying an additional 9,409 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after buying an additional 300 shares during the period. Harbor Capital Advisors Inc. lifted its stake in RadNet by 3.1% in the first quarter. Harbor Capital Advisors Inc. now owns 427,992 shares of the medical research company's stock worth $21,280,000 after acquiring an additional 12,992 shares during the period. Finally, E. Ohman J or Asset Management AB grew its position in shares of RadNet by 17.1% in the 1st quarter. E. Ohman J or Asset Management AB now owns 36,258 shares of the medical research company's stock worth $1,803,000 after buying an additional 5,300 shares during the period. Hedge funds and other institutional investors 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.