RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, six have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $87.4286.

A number of research analysts have recently issued reports on RDNT shares. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Barclays dropped their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Finally, Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th.

RadNet Price Performance

Shares of RDNT opened at $61.57 on Monday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17. RadNet has a fifty-two week low of $50.76 and a fifty-two week high of $85.84. The firm has a 50-day simple moving average of $58.66 and a 200-day simple moving average of $62.39. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of -342.04 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. During the same period in the prior year, the company earned ($0.50) earnings per share. The firm’s revenue was up 22.1% on a year-over-year basis. On average, equities research analysts anticipate that RadNet will post 0.54 earnings per share for the current year.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RDNT. E. Ohman J or Asset Management AB increased its position in RadNet by 1,144.3% during the second quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock worth $27,934,000 after buying an additional 416,563 shares in the last quarter. Fulton Bank N.A. lifted its position in shares of RadNet by 8.4% in the second quarter. Fulton Bank N.A. now owns 10,014 shares of the medical research company’s stock valued at $618,000 after acquiring an additional 779 shares in the last quarter. Gradient Investments LLC purchased a new stake in shares of RadNet in the second quarter valued at $1,297,000. Parallel Advisors LLC boosted its stake in shares of RadNet by 80.0% during the first quarter. Parallel Advisors LLC now owns 1,114 shares of the medical research company’s stock valued at $62,000 after acquiring an additional 495 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its stake in shares of RadNet by 7.2% during the 1st quarter. NewEdge Advisors LLC now owns 20,212 shares of the medical research company’s stock worth $1,130,000 after purchasing an additional 1,355 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

About RadNet

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.