RadNet, Inc. (NASDAQ:RDNT) Receives $79.75 Average PT from Analysts

RadNet, Inc. (NASDAQ:RDNT) has been given an average rating of “Buy” by the five brokerages that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $75.50.

A number of research analysts have recently issued reports on RDNT shares. Barclays reduced their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday. Truist Financial reiterated a “buy” rating and set a $88.00 price objective (down from $94.00) on shares of RadNet in a report on Wednesday. Jefferies Financial Group reduced their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Finally, Sidoti raised shares of RadNet to a “strong-buy” rating in a research report on Friday, October 4th.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 12,300 shares of the firm’s stock in a transaction dated Monday, November 25th. The shares were 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 of the company’s stock, valued at $5,136,519.85. This trade represents a 16.35 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction dated Tuesday, November 19th. The stock was 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 directly owns 192,724 shares in the company, valued at approximately $15,417,920. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

Institutional Trading of RadNet

Several hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its position in RadNet by 1.3% in the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock worth $169,740,000 after acquiring an additional 30,244 shares during the period. Geode Capital Management LLC raised its position in RadNet by 0.8% in the third quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock worth $107,936,000 after acquiring an additional 11,613 shares during the period. Principal Financial Group Inc. raised its position in RadNet by 8.5% in the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after acquiring an additional 118,501 shares during the period. JB Capital Partners LP raised its position 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 worth $104,367,000 after acquiring an additional 206,850 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its position 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 acquiring an additional 119,875 shares during the period. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Up 5.9 %

Shares of NASDAQ RDNT opened at $63.73 on Thursday. The stock has a market capitalization of $4.72 billion, a P/E ratio of -910.30 and a beta of 1.79. The company has a 50-day moving average price of $74.76 and a 200-day moving average price of $68.64. RadNet has a 1 year low of $35.16 and a 1 year high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

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.