Jefferies Financial Group Issues Pessimistic Forecast for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its target price cut by analysts at Jefferies Financial Group from $100.00 to $80.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. Jefferies Financial Group’s price objective points to a potential upside of 30.08% from the stock’s previous close.

A number of other equities research analysts have also recently commented on the company. Barclays raised their target price on RadNet from $79.00 to $85.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Finally, Truist Financial raised their target price on RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, November 29th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus price target of $79.75.

RadNet Stock Performance

Shares of NASDAQ:RDNT traded down $4.15 on Wednesday, hitting $61.50. 1,322,842 shares of the company were exchanged, compared to its average volume of 676,371. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $76.38 and its 200 day moving average price is $68.59. The firm has a market capitalization of $4.55 billion, a P/E ratio of -878.45 and a beta of 1.79. 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 company’s stock in a transaction 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 completion of the transaction, the insider now owns 192,724 shares in the company, valued at approximately $15,417,920. This represents a 16.67 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP David Jeffrey Katz sold 12,300 shares of the firm’s 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 transaction, the executive vice president now directly owns 62,909 shares in the company, valued at $5,136,519.85. The trade was a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Hedge funds have recently modified their holdings of the business. State Street Corp lifted its stake in shares of RadNet by 1.3% in the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after purchasing an additional 30,244 shares during the period. Geode Capital Management LLC raised its position 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. lifted its stake in RadNet by 8.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock valued at $104,539,000 after buying an additional 118,501 shares in the last quarter. JB Capital Partners LP increased its position in RadNet by 15.9% during the 3rd quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock worth $104,367,000 after purchasing an additional 206,850 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in shares of RadNet by 11.8% during 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 buying an additional 119,875 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.