Zacks: Brokerages Expect RadNet Inc. (RDNT) Will Post Quarterly Sales of $242.29 Million

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Wall Street brokerages expect that RadNet Inc. (NASDAQ:RDNT) will post sales of $242.29 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for RadNet’s earnings. The highest sales estimate is $244.37 million and the lowest is $240.21 million. RadNet posted sales of $227.61 million during the same quarter last year, which would indicate a positive year over year growth rate of 6.4%. The business is expected to issue its next quarterly earnings report before the market opens on Friday, November 9th.

On average, analysts expect that RadNet will report full year sales of $973.47 million for the current fiscal year, with estimates ranging from $972.30 million to $974.64 million. For the next financial year, analysts expect that the firm will report sales of $1.05 billion, with estimates ranging from $1.04 billion to $1.06 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for RadNet.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Thursday, August 9th. The medical research company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.02). The firm had revenue of $244.40 million for the quarter, compared to analyst estimates of $239.34 million. RadNet had a positive return on equity of 17.00% and a negative net margin of 0.64%. The business’s revenue for the quarter was up 6.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.11 earnings per share.

Several brokerages recently issued reports on RDNT. Zacks Investment Research raised RadNet from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a report on Wednesday, October 10th. BidaskClub raised RadNet from a “hold” rating to a “buy” rating in a report on Saturday, October 13th. One research analyst has rated the stock with a hold rating, three have issued a buy rating and two have issued a strong buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $15.50.

In other news, insider Jeffrey L. Linden sold 10,000 shares of the business’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $14.78, for a total value of $147,800.00. Following the completion of the transaction, the insider now directly owns 902,001 shares of the company’s stock, valued at $13,331,574.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Norman R. Hames sold 14,000 shares of the business’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $15.59, for a total value of $218,260.00. Following the completion of the transaction, the insider now directly owns 589,000 shares of the company’s stock, valued at $9,182,510. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 34,000 shares of company stock valued at $506,660. 7.56% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its holdings in shares of RadNet by 10.1% in the second quarter. Bessemer Group Inc. now owns 43,500 shares of the medical research company’s stock worth $653,000 after acquiring an additional 4,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of RadNet by 0.3% in the first quarter. Dimensional Fund Advisors LP now owns 1,550,709 shares of the medical research company’s stock worth $22,330,000 after acquiring an additional 4,117 shares during the last quarter. Stone Ridge Asset Management LLC raised its holdings in shares of RadNet by 16.6% in the third quarter. Stone Ridge Asset Management LLC now owns 31,750 shares of the medical research company’s stock worth $478,000 after acquiring an additional 4,528 shares during the last quarter. Wedge Capital Management L L P NC raised its holdings in shares of RadNet by 16.5% in the third quarter. Wedge Capital Management L L P NC now owns 32,329 shares of the medical research company’s stock worth $487,000 after acquiring an additional 4,585 shares during the last quarter. Finally, Cheyne Capital Management UK LLP raised its holdings in shares of RadNet by 1.5% in the second quarter. Cheyne Capital Management UK LLP now owns 351,393 shares of the medical research company’s stock worth $5,271,000 after acquiring an additional 5,100 shares during the last quarter. 61.21% of the stock is owned by institutional investors.

RDNT stock traded up $0.14 during midday trading on Friday, hitting $14.69. 4,692 shares of the stock were exchanged, compared to its average volume of 226,983. The stock has a market cap of $707.37 million, a PE ratio of 50.72, a P/E/G ratio of 5.16 and a beta of 0.36. RadNet has a fifty-two week low of $9.50 and a fifty-two week high of $16.54. The company has a debt-to-equity ratio of 4.49, a quick ratio of 1.06 and a current ratio of 1.06.

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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