RadNet (NASDAQ:RDNT) Sees Strong Trading Volume – What’s Next?

RadNet, Inc. (NASDAQ:RDNT) saw strong trading volume on Wednesday . 403,920 shares traded hands during mid-day trading, a decline of 25% from the previous session’s volume of 538,614 shares.The stock last traded at $59.15 and had previously closed at $65.65.

Analysts Set New Price Targets

Several equities analysts have recently commented on RDNT shares. Jefferies Financial Group cut their price target on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday. Barclays increased their target price on shares of RadNet from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Truist Financial boosted their price target on shares of RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a report on Friday, November 29th. Finally, Sidoti raised shares of RadNet to a “strong-buy” rating in a research report on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $79.75.

RadNet Stock Performance

The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The business has a 50-day moving average of $76.01 and a two-hundred day moving average of $68.49.

Insider Transactions at RadNet

In other news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 192,724 shares in the company, valued at $15,417,920. This represents a 16.67 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction that occurred 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 completion of the sale, the executive vice president now 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 disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently made changes to their positions in RDNT. Covestor Ltd grew its stake in RadNet by 10,875.0% during the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 435 shares during the last quarter. USA Financial Formulas purchased a new position in RadNet during the 4th quarter worth approximately $30,000. Highline Wealth Partners LLC purchased a new stake in shares of RadNet in the 3rd quarter valued at $68,000. Peterson Financial Group Inc. acquired a new stake in shares of RadNet in the third quarter worth $90,000. Finally, GAMMA Investing LLC lifted its position in RadNet by 57.3% during the third quarter. GAMMA Investing LLC now owns 1,361 shares of the medical research company’s stock valued at $94,000 after purchasing an additional 496 shares during the period. 77.90% of the stock is currently 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.