RadNet, Inc. (NASDAQ:RDNT) Receives $88.00 Consensus PT from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have earned a consensus recommendation of “Moderate Buy” from the nine analysts that are covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have issued a buy rating and two have issued a strong buy rating on the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $88.00.

A number of analysts have issued reports on RDNT shares. Truist Financial lifted their target price on shares of RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Barclays cut their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. 5.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDNT. Bank of America Corp DE lifted its stake in shares of RadNet by 15.1% in the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company’s stock worth $32,953,000 after buying an additional 77,198 shares during the last quarter. Nations Financial Group Inc. IA ADV bought a new position in RadNet in the 4th quarter worth $1,118,000. Van Berkom & Associates Inc. raised its holdings in RadNet by 24.9% in the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock worth $57,488,000 after acquiring an additional 204,858 shares during the period. Campbell Newman Asset Management Inc. acquired a new position in RadNet during the 4th quarter worth $1,773,000. Finally, E. Ohman J or Asset Management AB lifted its position in RadNet by 1,144.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock worth $27,934,000 after acquiring an additional 416,563 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

RDNT opened at $76.35 on Friday. RadNet has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The business has a 50-day moving average of $63.31 and a 200-day moving average of $61.81. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market capitalization of $6.01 billion, a PE ratio of -282.77 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The business had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The firm’s revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.31 EPS. Equities research analysts forecast that RadNet will post 0.49 EPS for the current fiscal year.

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.