RadNet, Inc. (NASDAQ:RDNT) Receives Average Recommendation of “Buy” from Brokerages

RadNet, Inc. (NASDAQ:RDNT) has earned an average rating of “Buy” from the five ratings firms that are covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $73.25.

Several analysts have commented on the stock. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Jefferies Financial Group lowered their target price on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Barclays dropped their price target on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. StockNews.com upgraded RadNet to a “sell” rating in a report on Wednesday, March 19th. Finally, Truist Financial reissued a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd.

RadNet Price Performance

Shares of RDNT stock opened at $48.70 on Tuesday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a market cap of $3.61 billion, a P/E ratio of -695.61 and a beta of 1.85. The business’s 50 day moving average price is $56.32 and its 200-day moving average price is $66.55. RadNet has a fifty-two week low of $45.82 and a fifty-two week high of $93.65.

RadNet (NASDAQ:RDNT) last released 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. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million for the quarter, compared to analysts’ expectations of $459.42 million. On average, equities research analysts anticipate that RadNet will post 0.56 earnings per share for the current year.

Insiders Place Their Bets

In other RadNet news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total value of $251,100.00. Following the completion of the transaction, the chief operating officer now directly owns 251,959 shares of the company’s stock, valued at approximately $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now owns 55,995 shares in the company, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

Institutional Trading of RadNet

A number of institutional investors and hedge funds have recently modified their holdings of RDNT. HighTower Advisors LLC boosted its position in shares of RadNet by 1.8% during the third quarter. HighTower Advisors LLC now owns 7,861 shares of the medical research company’s stock valued at $545,000 after buying an additional 136 shares during the last quarter. Highland Capital Management LLC boosted its holdings in shares of RadNet by 6.5% during the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company’s stock valued at $231,000 after acquiring an additional 202 shares during the last quarter. Summit Investment Advisors Inc. grew its stake in shares of RadNet by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company’s stock worth $483,000 after acquiring an additional 219 shares during the period. Summit Financial LLC raised its holdings in shares of RadNet by 2.4% during the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company’s stock valued at $776,000 after purchasing an additional 262 shares during the last quarter. Finally, Virtue Capital Management LLC raised its holdings in shares of RadNet by 1.4% during the third quarter. Virtue Capital Management LLC now owns 19,389 shares of the medical research company’s stock valued at $1,345,000 after purchasing an additional 264 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.

RadNet Company Profile

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.