LOS ANGELES—Jayanathan Ranjan, Chief Information Officer of RadNet , Inc. (NASDAQ:RDNT), recently sold 38,557 shares of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, which took place on November 19, was executed at a price of $80.00 per share, amounting to a total sale value of approximately $3.08 million.
Following this transaction, Ranjan holds 192,724 shares of RadNet stock. The sale was reported on November 21, with the filing signed by Jose Gamez, Attorney-in-Fact for Ranjan.
In other recent news, RadNet, Inc. reported record-breaking Q3 2024 results, with a significant year-over-year revenue growth of 14.7%, amounting to $461.1 million. Despite the robust operational figures, the company's net income saw a decline, attributed to one-time expenses such as interest-rate swap losses and costs associated with opening new facilities. The company's Imaging Center segment was a major contributor to the revenue, while the Digital Health segment's AI revenue surged by 75.8%.
RadNet is actively expanding, having opened five new facilities with more planned for the future. The company has also raised its full-year financial guidance based on these strong Q3 results. RadNet's collaborations with ONRAD and GE Healthcare aim to enhance AI-powered imaging solutions, and the company is focusing on growth in advanced imaging and digital health initiatives. Despite potential challenges in the healthcare regulatory environment, RadNet's recent developments indicate a strong commitment to expanding the company's footprint and enhancing its service offerings.
InvestingPro Insights
The recent stock sale by RadNet's CIO comes at a time when the company's shares have shown remarkable performance. According to InvestingPro data, RadNet has experienced a strong return over the last year, with a 159.18% price total return. This impressive gain is part of a broader trend, as the stock has seen a 41.1% increase over the past six months and a 30.12% rise in the last three months.
InvestingPro Tips highlight that RadNet's stock price movements are quite volatile, which could explain the timing of the insider sale. Despite this volatility, the company's market capitalization stands at a robust $6.04 billion, reflecting investor confidence in its long-term prospects.
It's worth noting that while RadNet has not been profitable over the last twelve months, with a negative P/E ratio, analysts predict the company will be profitable this year. This optimism is supported by the company's revenue growth, which stands at 12.2% for the last twelve months as of Q3 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 14 additional tips for RadNet, providing a deeper understanding of the company's financial health and market position.
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