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

RadNet, Inc. (NASDAQ:RDNT) has earned a consensus rating of “Buy” from the five analysts that are presently covering the stock, Marketbeat.com reports. Three 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 target price among brokerages that have updated their coverage on the stock in the last year is $73.25.

A number of analysts have recently commented on RDNT shares. Truist Financial restated a “buy” rating and issued a $88.00 target price (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Raymond James raised shares of 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 research note on Wednesday, March 5th. Jefferies Financial Group decreased their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. StockNews.com upgraded shares of RadNet to a “sell” rating in a research report on Wednesday, March 19th. Finally, Barclays decreased their price objective on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares in the company, valued at $2,828,867.40. This represents a 1.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the sale, the chief operating officer now owns 261,959 shares in the company, valued at approximately $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Several large investors have recently made changes to their positions in RDNT. Franklin Resources Inc. boosted its stake in RadNet by 12.0% during the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock worth $27,334,000 after purchasing an additional 41,381 shares during the last quarter. KBC Group NV raised its holdings in RadNet by 47.6% in the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after acquiring an additional 864 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in RadNet by 30.4% in the 4th 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 acquiring an additional 344,146 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of RadNet by 1.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock worth $9,229,000 after purchasing an additional 1,838 shares during the last quarter. Finally, WCM Investment Management LLC purchased a new stake in shares of RadNet in the fourth quarter valued at approximately $14,110,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of NASDAQ RDNT opened at $49.29 on Tuesday. The company has a 50 day simple moving average of $56.04 and a two-hundred day simple moving average of $66.40. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of -704.04 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 12 month low of $45.00 and a 12 month high of $93.65.

RadNet (NASDAQ:RDNT) last posted its 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. 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, analysts predict that RadNet will post 0.56 earnings per share 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.