Truist Financial Reaffirms Buy Rating for RadNet (NASDAQ:RDNT)

RadNet (NASDAQ:RDNT)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a report issued on Wednesday,Benzinga reports. They presently have a $88.00 price objective on the medical research company’s stock, down from their prior price objective of $94.00. Truist Financial’s price objective indicates a potential upside of 35.49% from the stock’s previous close.

Several other equities research analysts also recently weighed in on the company. Barclays cut their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday. Jefferies Financial Group cut their price target on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Finally, Sidoti raised RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, RadNet has an average rating of “Moderate Buy” and a consensus price target of $75.50.

RadNet Price Performance

RDNT stock opened at $64.95 on Wednesday. The stock has a market cap of $4.81 billion, a price-to-earnings ratio of -927.72 and a beta of 1.79. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a 50 day simple moving average of $74.38 and a 200 day simple moving average of $68.60. RadNet has a 1 year low of $35.16 and a 1 year high of $93.65.

Insider Buying and Selling at RadNet

In other news, insider Ranjan Jayanathan sold 38,557 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total value of $3,084,560.00. Following the transaction, the insider now owns 192,724 shares in the company, valued at approximately $15,417,920. The trade was a 16.67 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP David Jeffrey Katz sold 12,300 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the sale, the executive vice president now owns 62,909 shares of the company’s stock, valued at approximately $5,136,519.85. This trade represents a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 5.12% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in RDNT. Envestnet Asset Management Inc. increased its holdings in RadNet by 3.9% in the second quarter. Envestnet Asset Management Inc. now owns 93,391 shares of the medical research company’s stock worth $5,503,000 after purchasing an additional 3,521 shares in the last quarter. Intech Investment Management LLC bought a new stake in shares of RadNet in the 2nd quarter valued at $446,000. Public Employees Retirement Association of Colorado acquired a new position in shares of RadNet during the 2nd quarter valued at $331,000. Sei Investments Co. boosted its stake in RadNet by 139.9% during the second quarter. Sei Investments Co. now owns 158,123 shares of the medical research company’s stock worth $9,317,000 after acquiring an additional 92,224 shares in the last quarter. Finally, Profund Advisors LLC acquired a new stake in RadNet in the second quarter worth $207,000. 77.90% of the stock is owned by institutional investors and hedge funds.

About RadNet

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.