RadNet (NASDAQ:RDNT) Shares Down 6% – Here’s What Happened

Shares of RadNet, Inc. (NASDAQ:RDNT) fell 6% on Monday . The stock traded as low as $52.54 and last traded at $52.17. 104,869 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 827,427 shares. The stock had previously closed at $55.47.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RDNT. Truist Financial restated a “buy” rating and issued a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Barclays reduced their price target on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group lowered their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $75.50.

RadNet Price Performance

The firm has a 50 day moving average price of $65.43 and a two-hundred day moving average price of $69.09. The company has a market cap of $3.76 billion, a P/E ratio of -726.32 and a beta of 1.79. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16.

RadNet (NASDAQ:RDNT) last issued its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The firm had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of RDNT. USA Financial Formulas bought a new position in shares of RadNet in the fourth quarter worth $30,000. Covestor Ltd boosted its stake in RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after purchasing an additional 435 shares during the period. Fifth Third Bancorp grew its holdings in RadNet by 84.3% during the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after buying an additional 305 shares in the last quarter. Peterson Financial Group Inc. purchased a new position in RadNet during the 3rd quarter valued at about $90,000. Finally, Smartleaf Asset Management LLC increased its position in shares of RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after buying an additional 1,063 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Company Profile

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.