RadNet, Inc. (NASDAQ:RDNT) Receives $69.75 Consensus Price Target from Brokerages

RadNet, Inc. (NASDAQ:RDNT) has received an average rating of “Buy” from the five analysts that are currently covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued a report on the stock in the last year is $69.75.

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

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 58,995 shares in the company, valued at approximately $3,101,957.10. This represents a 3.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David L. Swartz sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,000 shares of company stock worth $1,926,730. Corporate insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of RadNet by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company’s stock valued at $518,577,000 after acquiring an additional 71,910 shares in the last quarter. RTW Investments LP lifted its position in shares of RadNet by 9.4% in the 4th quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company’s stock valued at $138,184,000 after acquiring an additional 169,978 shares in the last quarter. Invesco Ltd. lifted its position in RadNet by 4.3% in the 4th quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company’s stock worth $120,898,000 after buying an additional 70,673 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in RadNet by 14.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company’s stock worth $85,511,000 after buying an additional 213,280 shares in the last quarter. Finally, Principal Financial Group Inc. lifted its position in RadNet by 8.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after buying an additional 118,501 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 1.5 %

RadNet stock opened at $51.03 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a 50-day moving average price of $51.44 and a two-hundred day moving average price of $64.29. The firm has a market capitalization of $3.78 billion, a price-to-earnings ratio of -728.90 and a beta of 1.59. RadNet has a 52-week low of $45.00 and a 52-week 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 firm had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Sell-side analysts expect that RadNet will post 0.56 earnings per share for the current 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.