RadNet (NASDAQ:RDNT) Given New $70.00 Price Target at Barclays

RadNet (NASDAQ:RDNT) had its target price cut by Barclays from $86.00 to $70.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the medical research company’s stock.

Several other research firms also recently commented on RDNT. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. KeyCorp raised RadNet to a “strong-buy” rating in a research report on Friday, January 9th. UBS Group set a $92.00 target price on RadNet in a research report on Friday, January 9th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $91.00 target price on shares of RadNet in a research report on Tuesday, March 3rd. Two research analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $88.14.

RadNet Trading Down 0.6%

NASDAQ RDNT opened at $57.51 on Tuesday. The company has a market cap of $4.46 billion, a price-to-earnings ratio of -230.04 and a beta of 1.53. RadNet has a 52 week low of $47.21 and a 52 week high of $85.84. The business has a 50 day moving average price of $62.63 and a 200-day moving average price of $71.06. The company has a quick ratio of 1.76, a current ratio of 1.76 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Monday, March 2nd. The medical research company reported $0.23 EPS for the quarter, beating the consensus estimate of $0.19 by $0.04. The firm had revenue of $547.71 million during the quarter, compared to the consensus estimate of $515.67 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The company’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 earnings per share. As a group, equities analysts expect that RadNet will post 0.67 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet 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 transaction, the insider owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of RDNT. WCM Investment Management LLC lifted its position in shares of RadNet by 32.6% during the 3rd quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company’s stock valued at $21,348,000 after buying an additional 70,244 shares during the last quarter. US Bancorp DE raised its stake in shares of RadNet by 485.4% during the 3rd quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock valued at $2,161,000 after purchasing an additional 23,507 shares during the period. Mairs & Power Inc. raised its stake in shares of RadNet by 68.9% during the 3rd quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after purchasing an additional 39,752 shares during the period. Penserra Capital Management LLC raised its stake in shares of RadNet by 43.4% during the 3rd quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company’s stock valued at $36,510,000 after purchasing an additional 144,897 shares during the period. Finally, New York State Teachers Retirement System raised its stake in shares of RadNet by 53.1% during the 3rd quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company’s stock valued at $2,351,000 after purchasing an additional 10,700 shares during the period. Hedge funds and other 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.