Brokerages Expect RadNet Inc. (NASDAQ:RDNT) Will Announce Quarterly Sales of $258.84 Million

Analysts predict that RadNet Inc. (NASDAQ:RDNT) will announce $258.84 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for RadNet’s earnings, with the lowest sales estimate coming in at $247.33 million and the highest estimate coming in at $270.35 million. RadNet reported sales of $292.69 million during the same quarter last year, which would suggest a negative year over year growth rate of 11.6%. The business is scheduled to report its next quarterly earnings report on Tuesday, November 10th.

According to Zacks, analysts expect that RadNet will report full year sales of $1.03 billion for the current financial year, with estimates ranging from $1.01 billion to $1.04 billion. For the next fiscal year, analysts expect that the firm will post sales of $1.21 billion, with estimates ranging from $1.18 billion to $1.24 billion. Zacks’ sales calculations are an average based on a survey of research firms that follow RadNet.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, August 10th. The medical research company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.44) by $0.28. The company had revenue of $190.60 million during the quarter, compared to the consensus estimate of $190.58 million. RadNet had a negative net margin of 1.25% and a negative return on equity of 4.28%. The firm’s revenue for the quarter was down 34.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.12 earnings per share.

Several analysts have recently commented on the stock. BidaskClub upgraded shares of RadNet from a “hold” rating to a “buy” rating in a report on Tuesday, October 13th. Raymond James increased their target price on shares of RadNet from $18.50 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Finally, Zacks Investment Research upgraded shares of RadNet from a “sell” rating to a “hold” rating and set a $20.00 price objective for the company in a report on Wednesday, August 12th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. RadNet currently has an average rating of “Buy” and an average target price of $21.67.

Shares of RDNT stock traded down $0.30 on Tuesday, hitting $16.77. The stock had a trading volume of 127,124 shares, compared to its average volume of 359,063. The business has a 50 day moving average of $15.47 and a 200 day moving average of $15.13. The stock has a market cap of $864.66 million, a price-to-earnings ratio of -62.09 and a beta of 1.54. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.65 and a quick ratio of 0.65. RadNet has a 12-month low of $5.81 and a 12-month high of $23.45.

In related news, insider Norman R. Hames sold 20,000 shares of the firm’s stock in a transaction dated Friday, September 18th. The shares were sold at an average price of $15.53, for a total transaction of $310,600.00. Following the completion of the sale, the insider now owns 507,067 shares in the company, valued at $7,874,750.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.77% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of RadNet by 0.3% in the second quarter. Vanguard Group Inc. now owns 2,592,054 shares of the medical research company’s stock worth $41,137,000 after purchasing an additional 7,402 shares in the last quarter. Beck Mack & Oliver LLC increased its stake in shares of RadNet by 2.1% in the second quarter. Beck Mack & Oliver LLC now owns 1,934,444 shares of the medical research company’s stock worth $30,700,000 after purchasing an additional 39,175 shares in the last quarter. State Street Corp increased its stake in shares of RadNet by 7.3% in the first quarter. State Street Corp now owns 1,306,749 shares of the medical research company’s stock worth $13,734,000 after purchasing an additional 88,973 shares in the last quarter. Silvercrest Asset Management Group LLC increased its stake in shares of RadNet by 24.8% in the first quarter. Silvercrest Asset Management Group LLC now owns 1,011,692 shares of the medical research company’s stock worth $10,633,000 after purchasing an additional 200,808 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of RadNet by 7.2% in the first quarter. Geode Capital Management LLC now owns 615,166 shares of the medical research company’s stock worth $6,465,000 after purchasing an additional 41,127 shares in the last quarter. Hedge funds and other institutional investors own 67.33% of the company’s stock.

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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