RadNet, Inc. (NASDAQ:RDNT) Receives $87.60 Average Price Target from Analysts

RadNet, Inc. (NASDAQ:RDNT) has been given a consensus rating of “Moderate Buy” by the nine research firms that are currently covering the firm, MarketBeat reports. One investment analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $87.60.

A number of equities analysts have commented on RDNT shares. The Goldman Sachs Group upgraded shares of RadNet to a “buy” rating in a research note on Tuesday, December 16th. Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. B. Riley upped their price target on shares of RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Barclays boosted their price target on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th. Finally, Zacks Research downgraded RadNet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th.

RadNet Stock Performance

Shares of RadNet stock opened at $77.41 on Thursday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.82. The stock’s fifty day moving average is $76.74 and its two-hundred day moving average is $70.57. RadNet has a 52 week low of $45.00 and a 52 week high of $85.84. The company has a market capitalization of $5.97 billion, a PE ratio of -455.33 and a beta of 1.51.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 earnings per share. As a group, analysts expect that RadNet will post 0.56 earnings per share for the current year.

Insider Transactions at RadNet

In other RadNet news, CAO Mital Patel sold 15,080 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $80.05, for a total transaction of $1,207,154.00. Following the completion of the transaction, the chief accounting officer owned 180,138 shares of the company’s stock, valued at $14,420,046.90. This represents a 7.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 50,000 shares of company stock valued at $3,902,254. Insiders own 5.60% of the company’s stock.

Institutional Trading of RadNet

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its stake in RadNet by 2,822.0% during the 1st quarter. Royal Bank of Canada now owns 423,021 shares of the medical research company’s stock worth $21,033,000 after acquiring an additional 408,544 shares in the last quarter. Alyeska Investment Group L.P. increased its position in shares of RadNet by 141.7% during the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock worth $60,404,000 after acquiring an additional 712,270 shares during the period. AQR Capital Management LLC raised its stake in shares of RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after acquiring an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in RadNet by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after purchasing an additional 1,699 shares during the period. Finally, Punch & Associates Investment Management Inc. boosted its holdings in RadNet by 4.4% in the first quarter. Punch & Associates Investment Management Inc. now owns 694,243 shares of the medical research company’s stock valued at $34,518,000 after purchasing an additional 29,399 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.