Short Interest in RadNet, Inc. (NASDAQ:RDNT) Expands By 26.9%

RadNet, Inc. (NASDAQ:RDNT) saw a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 1,070,000 shares, a growth of 26.9% from the March 31st total of 843,000 shares. Based on an average daily volume of 197,900 shares, the short-interest ratio is currently 5.4 days. Currently, 2.4% of the shares of the stock are short sold.

A number of analysts recently weighed in on RDNT shares. Zacks Investment Research raised shares of RadNet from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research report on Tuesday. Raymond James increased their price objective on shares of RadNet from $22.00 to $26.00 and gave the stock an “outperform” rating in a research report on Monday, March 15th.

RadNet stock traded up $0.10 during midday trading on Tuesday, reaching $22.98. The stock had a trading volume of 215,416 shares, compared to its average volume of 196,226. The company has a quick ratio of 0.69, a current ratio of 0.69 and a debt-to-equity ratio of 2.55. RadNet has a 52-week low of $12.80 and a 52-week high of $25.49. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -108.90 and a beta of 1.52. The company has a fifty day moving average of $22.21 and a 200 day moving average of $19.59.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Sunday, March 7th. The medical research company reported $0.11 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.04). The business had revenue of $308.50 million for the quarter, compared to analysts’ expectations of $300.62 million. RadNet had a negative net margin of 0.98% and a negative return on equity of 2.72%. The business’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. Equities research analysts predict that RadNet will post -0.15 EPS for the current year.

In related news, Director John V. Crues sold 10,000 shares of the business’s stock in a transaction on Monday, March 15th. The shares were sold at an average price of $23.82, for a total value of $238,200.00. Following the sale, the director now owns 435,262 shares in the company, valued at $10,367,940.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Norman R. Hames sold 35,000 shares of the business’s stock in a transaction on Monday, March 8th. The stock was sold at an average price of $21.00, for a total transaction of $735,000.00. Following the completion of the sale, the insider now owns 370,160 shares in the company, valued at approximately $7,773,360. The disclosure for this sale can be found here. Insiders sold 92,500 shares of company stock worth $2,027,575 in the last 90 days. 5.77% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its holdings in RadNet by 2.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 26,562 shares of the medical research company’s stock valued at $520,000 after buying an additional 682 shares during the period. Captrust Financial Advisors grew its holdings in RadNet by 7.2% in the fourth quarter. Captrust Financial Advisors now owns 12,190 shares of the medical research company’s stock worth $239,000 after purchasing an additional 815 shares during the last quarter. Vantage Consulting Group Inc purchased a new position in RadNet in the fourth quarter worth $26,000. Swiss National Bank lifted its stake in shares of RadNet by 2.1% during the fourth quarter. Swiss National Bank now owns 99,100 shares of the medical research company’s stock worth $1,939,000 after buying an additional 2,000 shares during the period. Finally, ETF Managers Group LLC lifted its stake in shares of RadNet by 9.7% during the fourth quarter. ETF Managers Group LLC now owns 26,454 shares of the medical research company’s stock worth $509,000 after buying an additional 2,348 shares during the period. 67.46% of the stock is currently owned by institutional investors.

About RadNet

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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