Barclays Cuts RadNet (NASDAQ:RDNT) Price Target to $60.00

RadNet (NASDAQ:RDNT) had its price target lowered by research analysts at Barclays from $74.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Barclays‘s price objective would indicate a potential upside of 18.34% from the company’s current price.

A number of other equities research analysts have also issued reports on the stock. Truist Financial reissued a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. Jefferies Financial Group cut their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday, March 19th. Finally, Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $73.25.

RadNet Stock Down 2.2 %

RDNT opened at $50.70 on Monday. The company has a market cap of $3.75 billion, a P/E ratio of -724.18 and a beta of 1.85. RadNet has a 12 month low of $45.82 and a 12 month high of $93.65. The business’s 50-day moving average price is $58.18 and its 200-day moving average price is $67.36. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data 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. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. On average, equities analysts expect that RadNet will post 0.56 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now owns 174,067 shares of the company’s stock, valued at $8,849,566.28. The trade was a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RadNet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. USA Financial Formulas bought a new stake in RadNet in the 4th quarter worth approximately $30,000. Fifth Third Bancorp raised its stake in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after buying an additional 305 shares during the period. Smartleaf Asset Management LLC lifted its holdings in RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after purchasing an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock valued at $99,000 after buying an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of RadNet in the fourth quarter valued at about $105,000. 77.90% of the stock is 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.