RadNet (NASDAQ:RDNT) Shares Up 6.3% – Should You Buy?

RadNet, Inc. (NASDAQ:RDNT)’s stock price traded up 6.3% during trading on Thursday . The company traded as high as $62.12 and last traded at $61.9140. 267,614 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 781,163 shares. The stock had previously closed at $58.22.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on RDNT. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. KeyCorp upgraded shares of RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Truist Financial set a $90.00 price target on shares of RadNet in a research note on Wednesday, December 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. Finally, UBS Group set a $92.00 price target on shares of RadNet in a research note on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $90.43.

RadNet Price Performance

The stock’s fifty day moving average price is $63.37 and its 200-day moving average price is $71.60. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.76 and a current ratio of 1.76. The firm has a market cap of $4.78 billion, a PE ratio of -246.28 and a beta of 1.53.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business had revenue of $547.71 million during the quarter, compared to the consensus estimate of $515.67 million. During the same quarter last year, the firm posted $0.22 EPS. The business’s revenue was up 14.8% compared to the same quarter last year. As a group, equities analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

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 completion of the transaction, the insider directly owned 1,208,923 shares in the company, valued at approximately $75,134,564.45. This trade represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

Hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new position in RadNet during the 4th quarter valued at about $25,000. Allworth Financial LP boosted its stake in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S acquired a new stake in shares of RadNet during the 3rd quarter worth about $30,000. Farther Finance Advisors LLC boosted its stake in shares of RadNet by 1,086.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock worth $33,000 after purchasing an additional 402 shares during the last quarter. Finally, Jones Financial Companies Lllp boosted its stake 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 worth $34,000 after purchasing an additional 171 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.