RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Rating of “Buy” from Analysts

RadNet, Inc. (NASDAQ:RDNT) has earned a consensus rating of “Buy” from the five analysts that are currently covering the firm, Marketbeat.com reports. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokers that have covered the stock in the last year is $76.75.

A number of equities research analysts have commented on RDNT shares. Jefferies Financial Group cut their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Truist Financial reaffirmed a “buy” rating and issued a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Barclays cut their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Finally, Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and cut their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th.

RadNet Price Performance

Shares of RDNT opened at $49.24 on Friday. The company has a market capitalization of $3.65 billion, a P/E ratio of -703.33 and a beta of 1.85. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a 50 day moving average of $62.44 and a 200 day moving average of $68.44. RadNet has a twelve month low of $42.45 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, equities research analysts anticipate that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the transaction, the chief executive officer now owns 58,995 shares in the company, valued at approximately $3,101,957.10. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the transaction, the director now owns 174,067 shares in the company, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,000 shares of company stock worth $1,426,680. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Covestor Ltd increased its holdings in RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 435 shares during the last quarter. USA Financial Formulas bought a new stake in RadNet in the 4th quarter valued at $30,000. Fifth Third Bancorp increased its holdings in RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after acquiring an additional 305 shares during the last quarter. Peterson Financial Group Inc. bought a new stake in RadNet in the 3rd quarter valued at $90,000. Finally, Smartleaf Asset Management LLC increased its holdings in RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after acquiring an additional 1,063 shares during the last quarter. 77.90% 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. The company operates in two segments: Imaging Centers and Artificial Intelligence. 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.