RadNet Inc. (NASDAQ:RDNT) Short Interest Up 8.7% in June

RadNet Inc. (NASDAQ:RDNT) was the target of a significant increase in short interest in June. As of June 15th, there was short interest totalling 1,593,600 shares, an increase of 8.7% from the May 15th total of 1,466,600 shares. Based on an average trading volume of 277,400 shares, the days-to-cover ratio is presently 5.7 days. Approximately 4.0% of the shares of the stock are short sold.

RDNT traded up $0.19 on Friday, hitting $14.75. 232,541 shares of the company traded hands, compared to its average volume of 204,244. The stock’s 50 day moving average is $13.46. The company has a debt-to-equity ratio of 4.74, a current ratio of 0.72 and a quick ratio of 0.72. The firm has a market cap of $738.69 million, a PE ratio of 22.35, a PEG ratio of 5.62 and a beta of 1.10. RadNet has a 12-month low of $9.97 and a 12-month high of $16.54.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Thursday, May 9th. The medical research company reported ($0.08) EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of ($0.08). The firm had revenue of $271.50 million during the quarter, compared to the consensus estimate of $256.30 million. RadNet had a return on equity of 22.38% and a net margin of 3.53%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.15) EPS. Equities analysts expect that RadNet will post 0.35 EPS for the current fiscal year.

In other news, insider Norman R. Hames sold 20,000 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $13.09, for a total transaction of $261,800.00. Following the completion of the transaction, the insider now directly owns 559,158 shares of the company’s stock, valued at approximately $7,319,378.22. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael N. Murdock sold 21,667 shares of the business’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $13.23, for a total value of $286,654.41. Following the completion of the sale, the insider now directly owns 100,575 shares of the company’s stock, valued at $1,330,607.25. The disclosure for this sale can be found here. In the last 90 days, insiders sold 61,667 shares of company stock worth $811,454. Company insiders own 6.10% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDNT. Quantamental Technologies LLC acquired a new stake in RadNet during the 1st quarter valued at $34,000. Financial Gravity Wealth Inc. acquired a new stake in shares of RadNet during the first quarter valued at about $35,000. PNC Financial Services Group Inc. acquired a new stake in shares of RadNet during the fourth quarter valued at about $36,000. Bell & Brown Wealth Advisors LLC acquired a new stake in shares of RadNet during the fourth quarter valued at about $102,000. Finally, BNP Paribas Arbitrage SA grew its stake in shares of RadNet by 485.7% during the first quarter. BNP Paribas Arbitrage SA now owns 8,399 shares of the medical research company’s stock valued at $104,000 after acquiring an additional 6,965 shares in the last quarter. Institutional investors own 64.55% of the company’s stock.

Several research firms have recently weighed in on RDNT. TheStreet downgraded TIM Participacoes from a “b” rating to a “c+” rating in a report on Tuesday, June 4th. BidaskClub downgraded Ames National from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Zacks Investment Research downgraded ExlService from a “hold” rating to a “sell” rating in a report on Wednesday, July 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $17.75.

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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