Barclays Cuts RadNet (NASDAQ:RDNT) Price Target to $74.00

RadNet (NASDAQ:RDNT) had its price objective reduced by equities researchers at Barclays from $85.00 to $74.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Barclays‘s price target indicates a potential upside of 22.94% from the company’s previous close.

Several other equities analysts have also commented on the stock. Jefferies Financial Group lowered their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Finally, Truist Financial boosted their price objective on RadNet from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $77.00.

RadNet Stock Performance

NASDAQ:RDNT opened at $60.19 on Wednesday. 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 market cap of $4.46 billion, a price-to-earnings ratio of -859.73 and a beta of 1.79. RadNet has a 1 year low of $35.16 and a 1 year high of $93.65. The stock’s 50 day simple moving average is $75.23 and its two-hundred day simple moving average is $68.63.

Insider Activity

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

Hedge Funds Weigh In On RadNet

Institutional investors have recently made changes to their positions in the company. State Street Corp boosted its position in RadNet by 1.3% during the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after acquiring an additional 30,244 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of RadNet by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock worth $107,936,000 after purchasing an additional 11,613 shares during the last quarter. Principal Financial Group Inc. boosted its position in RadNet by 8.5% during the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock valued at $104,539,000 after purchasing an additional 118,501 shares in the last quarter. JB Capital Partners LP grew its stake in RadNet by 15.9% in the third quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after purchasing an additional 206,850 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in RadNet by 11.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company’s stock worth $78,539,000 after purchasing an additional 119,875 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.