RadNet, Inc. (NASDAQ:RDNT) Given Average Recommendation of “Buy” by Brokerages

RadNet, Inc. (NASDAQ:RDNT) has been given an average recommendation of “Buy” by the eight analysts that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have given a buy rating and three have given a strong buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $76.80.

RDNT has been the topic of a number of recent analyst reports. Zacks Research upgraded RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Barclays upped their price target on RadNet from $60.00 to $79.00 and gave the stock an “overweight” rating in a report on Wednesday, September 3rd. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research note on Monday, August 11th. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a research report on Wednesday, October 8th.

RadNet Trading Down 2.9%

NASDAQ:RDNT opened at $78.50 on Wednesday. The company’s 50 day moving average is $76.43 and its 200-day moving average is $64.98. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet has a 12 month low of $45.00 and a 12 month high of $87.86. The firm has a market cap of $6.04 billion, a price-to-earnings ratio of -392.48 and a beta of 1.58.

RadNet (NASDAQ:RDNT) last posted its earnings results on Sunday, November 9th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The firm had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 earnings per share. Equities analysts anticipate that RadNet will post 0.56 EPS for the current year.

Insider Transactions at RadNet

In other RadNet news, insider Ranjan Jayanathan sold 65,598 shares of the firm’s stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Stolper sold 35,000 shares of RadNet stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total value of $2,586,150.00. Following the sale, the executive vice president directly owned 68,012 shares in the company, valued at $5,025,406.68. The trade was a 33.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 118,098 shares of company stock valued at $8,269,445 in the last ninety days. 5.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its stake in RadNet by 13.3% during the third quarter. Smartleaf Asset Management LLC now owns 1,361 shares of the medical research company’s stock worth $102,000 after buying an additional 160 shares in the last quarter. Jones Financial Companies Lllp boosted its position in shares of RadNet by 62.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares in the last quarter. Guidance Capital Inc. increased its stake in RadNet by 2.0% in the third quarter. Guidance Capital Inc. now owns 9,089 shares of the medical research company’s stock valued at $758,000 after acquiring an additional 174 shares during the period. Zions Bancorporation National Association UT increased its stake in RadNet by 0.6% in the second quarter. Zions Bancorporation National Association UT now owns 35,081 shares of the medical research company’s stock valued at $1,996,000 after acquiring an additional 204 shares during the period. Finally, Amalgamated Bank raised its position in RadNet by 1.2% in the second quarter. Amalgamated Bank now owns 18,820 shares of the medical research company’s stock worth $1,071,000 after purchasing an additional 224 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.