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

RadNet, Inc. (NASDAQ:RDNT) has been assigned a consensus rating of “Buy” from the five ratings firms that are currently covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month price target among brokers that have covered the stock in the last year is $69.75.

A number of analysts have weighed in on RDNT shares. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and reduced their target price for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com upgraded RadNet to a “sell” rating in a research note on Monday, May 12th. Truist Financial reduced their target price on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Finally, Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, March 24th.

Insider Activity

In other news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares in the company, valued at $3,101,957.10. This trade represents a 3.28% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 46,447 shares of company stock worth $2,433,550. Company insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV grew its stake in RadNet by 47.6% in the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after purchasing an additional 864 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock valued at $103,532,000 after purchasing an additional 344,146 shares during the last quarter. WCM Investment Management LLC purchased a new position in RadNet in the fourth quarter valued at about $14,110,000. Guidance Capital Inc. purchased a new position in RadNet in the fourth quarter valued at about $467,000. Finally, JPMorgan Chase & Co. grew its stake in RadNet by 154.8% in the fourth quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company’s stock valued at $23,665,000 after purchasing an additional 205,846 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Down 0.8%

Shares of RDNT opened at $60.16 on Wednesday. The company has a market cap of $4.51 billion, a PE ratio of -859.31 and a beta of 1.46. The business has a fifty day moving average of $52.26 and a 200 day moving average of $63.06. RadNet has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping 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 business had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. On average, sell-side analysts expect that RadNet will post 0.56 EPS for the current year.

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.