RadNet, Inc. (NASDAQ:RDNT) Receives $88.14 Average Price Target from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, six have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $88.1429.

Several equities research analysts have issued reports on the stock. Barclays decreased their price target on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Jefferies Financial Group reaffirmed a “buy” rating and set a $91.00 price target on shares of RadNet in a research note on Tuesday, March 3rd.

Insider Activity

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider directly owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RadNet

Several hedge funds have recently modified their holdings of the company. WCM Investment Management LLC boosted its position in shares of RadNet by 32.6% in the third quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company’s stock worth $21,348,000 after acquiring an additional 70,244 shares during the last quarter. Mairs & Power Inc. boosted its position in shares of RadNet by 68.9% in the third quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock worth $7,429,000 after acquiring an additional 39,752 shares during the last quarter. US Bancorp DE boosted its position in shares of RadNet by 485.4% in the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock worth $2,161,000 after acquiring an additional 23,507 shares during the last quarter. Penserra Capital Management LLC boosted its position in shares of RadNet by 43.4% in the third quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company’s stock worth $36,510,000 after acquiring an additional 144,897 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in shares of RadNet by 53.1% in the third quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company’s stock worth $2,351,000 after acquiring an additional 10,700 shares during the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Stock Performance

NASDAQ:RDNT opened at $58.19 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The firm has a 50-day moving average price of $60.26 and a two-hundred day moving average price of $69.81. RadNet has a twelve month low of $50.76 and a twelve month high of $85.84. The company has a market capitalization of $4.55 billion, a P/E ratio of -232.76 and a beta of 1.43.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.04. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The company had revenue of $547.71 million for the quarter, compared to analysts’ expectations of $515.67 million. During the same period last year, the company earned $0.22 EPS. The firm’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, research analysts expect that RadNet will post 0.62 earnings per share for the current fiscal year.

About RadNet

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.