RadNet, Inc. (NASDAQ:RDNT) Given Consensus Recommendation of “Buy” by Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given a consensus rating of “Buy” by the five research firms that are currently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $73.25.

RDNT has been the topic of several research reports. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. StockNews.com raised RadNet to a “sell” rating in a report on Wednesday, March 19th. Barclays decreased their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, March 24th. Truist Financial restated a “buy” rating and issued a $88.00 target price (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th.

Insider Transactions at RadNet

In other news, Director David L. Swartz sold 25,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the sale, the director now owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This represents a 12.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the transaction, the chief operating officer now directly owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

Institutional Trading of RadNet

Several hedge funds have recently modified their holdings of RDNT. USA Financial Formulas acquired a new position in shares of RadNet in the 4th quarter worth approximately $30,000. Fifth Third Bancorp raised its position in RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 305 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after purchasing an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after purchasing an additional 422 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of RadNet in the fourth quarter valued at $105,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Stock Performance

RDNT opened at $49.72 on Tuesday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average price is $57.35 and its two-hundred day moving average price is $67.01. The firm has a market capitalization of $3.68 billion, a P/E ratio of -710.18 and a beta of 1.85. RadNet has a 12-month low of $45.82 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. On average, equities analysts forecast that RadNet will post 0.56 earnings per share for the current year.

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.