RadNet, Inc. (NASDAQ:RDNT) Given Consensus Recommendation of “Buy” by Brokerages

RadNet, Inc. (NASDAQ:RDNT) has earned a consensus recommendation of “Buy” from the five research firms that are presently covering the firm, MarketBeat reports. Three research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $69.75.

RDNT has been the topic of a number of recent analyst reports. Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Truist Financial dropped their target price on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Jefferies Financial Group lowered their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Barclays dropped their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Finally, StockNews.com upgraded RadNet to a “sell” rating in a research note on Wednesday, March 19th.

Insider Activity

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

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently made changes to their positions in RDNT. Envestnet Asset Management Inc. increased its position in RadNet by 50.3% in the 1st quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company’s stock valued at $6,855,000 after acquiring an additional 46,169 shares during the period. Penserra Capital Management LLC grew its stake in shares of RadNet by 41.0% in the 1st quarter. Penserra Capital Management LLC now owns 202,901 shares of the medical research company’s stock valued at $10,088,000 after purchasing an additional 59,018 shares during the last quarter. Palisade Capital Management LP acquired a new position in shares of RadNet in the first quarter valued at approximately $3,986,000. Teacher Retirement System of Texas acquired a new position in shares of RadNet in the first quarter valued at approximately $457,000. Finally, WCM Investment Management LLC raised its stake in shares of RadNet by 1.3% during the first quarter. WCM Investment Management LLC now owns 201,279 shares of the medical research company’s stock worth $9,951,000 after purchasing an additional 2,598 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Up 0.6 %

RadNet stock opened at $52.38 on Friday. The firm has a market capitalization of $3.88 billion, a P/E ratio of -748.18 and a beta of 1.59. 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 has a twelve month low of $45.00 and a twelve month high of $93.65. The stock’s fifty day simple moving average is $51.09 and its 200-day simple moving average is $64.13.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. As a group, equities analysts expect that RadNet will post 0.56 earnings per share for the current fiscal year.

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.