RadNet (NASDAQ:RDNT) Stock Price Breaks Above 50 Day Moving Average – What’s Next?

RadNet, Inc. (NASDAQ:RDNT) crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $72.68 and traded as high as $74.56. RadNet shares last traded at $73.54, with a volume of 1,272,490 shares traded.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDNT. Truist Financial lifted their price objective on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a report on Tuesday, September 22nd. Finally, Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. Three analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $90.00.

RadNet Trading Up 5.0%

The stock’s 50 day moving average price is $72.68 and its 200 day moving average price is $65.36. The company has a market capitalization of $5.79 billion, a price-to-earnings ratio of -272.36 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same period in the prior year, the firm posted $0.31 EPS. RadNet’s revenue was up 25.0% compared to the same quarter last year. On average, research analysts expect that RadNet, Inc. will post 0.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in RadNet by 60.2% in the third quarter. Farther Finance Advisors LLC now owns 596 shares of the medical research company’s stock valued at $41,000 after buying an additional 224 shares during the period. Parallel Advisors LLC lifted its position in shares of RadNet by 80.0% in the first quarter. Parallel Advisors LLC now owns 1,114 shares of the medical research company’s stock valued at $62,000 after buying an additional 495 shares during the last quarter. Leonteq Securities AG lifted its position in shares of RadNet by 4,651.2% in the first quarter. Leonteq Securities AG now owns 2,043 shares of the medical research company’s stock valued at $114,000 after buying an additional 2,000 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of RadNet by 10.6% in the third quarter. GAMMA Investing LLC now owns 2,321 shares of the medical research company’s stock valued at $160,000 after buying an additional 222 shares during the last quarter. Finally, Nykredit A S bought a new position in shares of RadNet during the 2nd quarter worth approximately $153,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

About RadNet

RadNet, Inc (NASDAQ: RDNT) is an outpatient diagnostic imaging company that operates imaging centers and provides related healthcare services. Its facilities offer diagnostic radiology and imaging procedures used to help detect, diagnose, and monitor medical conditions.

The company’s services generally include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray, and other imaging procedures. RadNet also provides image-guided and interventional radiology services in selected markets, along with digital imaging, radiology, and information-technology solutions.

Founded in 1981, RadNet serves patients, physicians, hospitals, and other healthcare organizations through a network of outpatient imaging centers primarily located in the United States, including markets in California, New York, New Jersey, Maryland, and Delaware.