RadNet (RDNT) Shares Up 14.1% on Earnings Beat

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RadNet Inc. (NASDAQ:RDNT) shares shot up 14.1% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $15.91 and last traded at $15.86. 808,761 shares were traded during mid-day trading, an increase of 285% from the average session volume of 209,843 shares. The stock had previously closed at $13.90.

The medical research company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.18 by $0.41. RadNet had a negative net margin of 0.44% and a positive return on equity of 14.62%. The company had revenue of $257.21 million during the quarter, compared to the consensus estimate of $248.21 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The firm’s quarterly revenue was up 9.2% on a year-over-year basis.

A number of research firms have recently weighed in on RDNT. Zacks Investment Research upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research report on Tuesday, March 5th. BidaskClub downgraded shares of RadNet from a “buy” rating to a “hold” rating in a research report on Friday, March 1st.

In related news, insider Norman R. Hames sold 15,000 shares of RadNet stock in a transaction that occurred on Thursday, December 20th. The shares were sold at an average price of $10.40, for a total value of $156,000.00. Following the transaction, the insider now directly owns 559,000 shares of the company’s stock, valued at $5,813,600. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 7.56% of the company’s stock.

A number of large investors have recently made changes to their positions in RDNT. PNC Financial Services Group Inc. bought a new position in RadNet in the fourth quarter valued at approximately $36,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in RadNet by 157.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,624 shares of the medical research company’s stock valued at $37,000 after acquiring an additional 2,218 shares during the last quarter. Financial Gravity Companies Inc. bought a new position in RadNet in the fourth quarter valued at approximately $60,000. Bell & Brown Wealth Advisors LLC bought a new position in RadNet in the fourth quarter valued at approximately $102,000. Finally, Virtu Financial LLC bought a new position in RadNet in the fourth quarter valued at approximately $115,000. 63.56% of the stock is currently owned by institutional investors and hedge funds.

The company has a market cap of $715.21 million, a PE ratio of 54.69, a P/E/G ratio of 3.32 and a beta of 1.20. The company has a current ratio of 1.12, a quick ratio of 1.12 and a debt-to-equity ratio of 4.56.

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About RadNet (NASDAQ:RDNT)

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. 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.

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