Brokerages Set RadNet, Inc. (NASDAQ:RDNT) PT at $76.80

RadNet, Inc. (NASDAQ:RDNT) has earned an average rating of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation, four have assigned a buy recommendation and three have given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $76.80.

Several research firms have commented on RDNT. Truist Financial boosted their price target on shares of RadNet from $74.00 to $81.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Raymond James Financial reiterated a “strong-buy” rating and set a $75.00 target price (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research note on Monday, August 11th. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research report on Monday, August 18th. Finally, B. Riley started coverage on RadNet in a research report on Friday, June 13th. They set a “buy” rating and a $69.00 price objective for the company.

RadNet Trading Down 0.6%

RDNT opened at $75.12 on Tuesday. RadNet has a 12 month low of $45.00 and a 12 month high of $93.65. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -375.58 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The business has a fifty day moving average price of $66.48 and a 200 day moving average price of $58.39.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The business had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same period in the previous year, the company posted $0.16 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. Sell-side analysts expect that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Transactions at RadNet

In related news, CEO Cornelis Wesdorp sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total value of $100,470.00. Following the completion of the transaction, the chief executive officer directly owned 54,495 shares of the company’s stock, valued at $3,650,075.10. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP David Jeffrey Katz sold 17,000 shares of the company’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the completion of the transaction, the executive vice president owned 86,774 shares of the company’s stock, valued at approximately $5,927,531.94. The trade was a 16.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 135,098 shares of company stock valued at $9,430,715 over the last three months. 5.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RadNet

Several large investors have recently bought and sold shares of the stock. Beck Mack & Oliver LLC boosted its stake in RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock valued at $163,104,000 after acquiring an additional 211,570 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of RadNet by 6.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock valued at $100,203,000 after purchasing an additional 112,284 shares during the period. T. Rowe Price Investment Management Inc. boosted its position in shares of RadNet by 81.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after purchasing an additional 743,922 shares during the period. Geode Capital Management LLC boosted its position in shares of RadNet by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock valued at $93,354,000 after purchasing an additional 37,403 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of RadNet by 7.2% in the second quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock valued at $92,746,000 after acquiring an additional 108,863 shares during the period. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.