RadNet, Inc. (NASDAQ:RDNT) Receives $69.60 Average Price Target from Analysts

RadNet, Inc. (NASDAQ:RDNT) has been given a consensus recommendation of “Strong Buy” by the six brokerages that are presently covering the company, Marketbeat Ratings reports. Three research analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $69.60.

A number of research firms have issued reports on RDNT. Barclays cut their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Truist Financial set a $74.00 target price on shares of RadNet in a research report on Thursday. Wall Street Zen downgraded shares of RadNet from a “hold” rating to a “sell” rating in a research report on Sunday, June 29th. Finally, B. Riley began coverage on shares of RadNet in a research report on Friday, June 13th. They set a “buy” rating and a $69.00 target price on the stock.

RadNet Stock Down 3.5%

Shares of NASDAQ RDNT opened at $55.48 on Thursday. The firm’s 50-day simple moving average is $57.05 and its 200 day simple moving average is $57.44. The company has a market cap of $4.16 billion, a price-to-earnings ratio of -129.02 and a beta of 1.41. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.87. RadNet has a 12-month low of $45.00 and a 12-month high of $93.65.

Insider Buying and Selling

In related news, COO Norman R. Hames sold 2,911 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $60.00, for a total transaction of $174,660.00. Following the completion of the sale, the chief operating officer directly owned 24,889 shares of the company’s stock, valued at approximately $1,493,340. This represents a 10.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president directly owned 1,160,509 shares of the company’s stock, valued at approximately $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 63,447 shares of company stock worth $3,613,220 over the last quarter. 5.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On RadNet

Hedge funds have recently made changes to their positions in the business. Rhumbline Advisers grew its stake in shares of RadNet by 1.1% during the 1st quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company’s stock worth $8,740,000 after acquiring an additional 1,895 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of RadNet by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock valued at $82,000 after buying an additional 300 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of RadNet by 28.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company’s stock valued at $345,000 after buying an additional 1,545 shares during the last quarter. SG Americas Securities LLC boosted its holdings in shares of RadNet by 239.5% in the 1st quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company’s stock valued at $663,000 after buying an additional 9,409 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in shares of RadNet by 154.8% in the 4th quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company’s stock valued at $23,665,000 after buying an additional 205,846 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

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.