RadNet, Inc. (NASDAQ:RDNT) Receives $90.43 Consensus Price Target from Brokerages

RadNet, Inc. (NASDAQ:RDNT) has been assigned a consensus recommendation of “Moderate Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, six have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $90.4286.

Several brokerages have commented on RDNT. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. KeyCorp upgraded RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Truist Financial set a $90.00 target price on RadNet in a research report on Wednesday, December 17th. Finally, The Goldman Sachs Group raised RadNet to a “buy” rating in a research note on Tuesday, December 16th.

RadNet Trading Up 1.0%

RadNet stock opened at $62.64 on Tuesday. The stock has a market cap of $4.86 billion, a P/E ratio of -250.56 and a beta of 1.49. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76. RadNet has a 1 year low of $45.00 and a 1 year high of $85.84. The firm’s 50 day moving average price is $69.13 and its 200-day moving average price is $73.83.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, March 2nd. The medical research company reported $0.23 EPS for the quarter, topping the consensus estimate of $0.19 by $0.04. The firm had revenue of $547.71 million for the quarter, compared to the consensus estimate of $515.67 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The company’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 earnings per share. On average, equities analysts predict that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Alma Gregory Sorensen sold 15,000 shares of the stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the completion of the transaction, the insider directly owned 1,223,923 shares in the company, valued at approximately $76,066,814.45. This represents a 1.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 5.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On RadNet

Large investors have recently bought and sold shares of the business. RTW Investments LP raised its position in shares of RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after buying an additional 1,122,956 shares in the last quarter. Polar Capital Holdings Plc purchased a new position in RadNet in the third quarter worth about $63,423,000. Van Berkom & Associates Inc. increased its stake in RadNet by 14,163.6% during the third quarter. Van Berkom & Associates Inc. now owns 823,582 shares of the medical research company’s stock worth $62,765,000 after acquiring an additional 817,808 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in RadNet by 30.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after acquiring an additional 627,936 shares during the last quarter. Finally, Ameriprise Financial Inc. raised its position in RadNet by 79.7% during the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock valued at $79,364,000 after purchasing an additional 618,392 shares during the period. Institutional investors own 77.90% of the company’s stock.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.