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

Shares of RadNet, Inc. (NASDAQ:RDNT) have earned a consensus rating of “Buy” from the five ratings firms that are currently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $69.75.

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

RadNet Stock Performance

Shares of RadNet stock opened at $60.16 on Wednesday. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of -859.31 and a beta of 1.46. The firm’s 50-day moving average is $52.26 and its 200 day moving average is $63.06. RadNet has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analysts’ expectations 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 anticipate that RadNet will post 0.56 EPS for the current fiscal year.

Insider Activity

In other news, COO Norman R. Hames sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the sale, the chief operating officer now owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This represents a 1.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at $3,101,957.10. The trade was a 3.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold 46,447 shares of company stock valued at $2,433,550 in the last quarter. 5.12% of the stock is currently owned by insiders.

Institutional Investors Weigh In On RadNet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Headlands Technologies LLC purchased a new stake in RadNet in the 1st quarter worth approximately $28,000. Fifth Third Bancorp lifted its position in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after buying an additional 305 shares during the last quarter. GAMMA Investing LLC lifted its position in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after buying an additional 300 shares during the last quarter. Jones Financial Companies Lllp lifted its position in RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after buying an additional 1,448 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its position in RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after buying an additional 1,063 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.