RadNet, Inc. (NASDAQ:RDNT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given an average rating of “Moderate Buy” by the nine analysts that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $88.00.

A number of brokerages have weighed in on RDNT. Barclays cut their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Truist Financial upped their price target on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research report on Friday, July 31st.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% 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, Director David L. Swartz sold 2,699 shares of the company’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 completion of the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 5.14% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of RadNet during the second quarter valued at approximately $675,768,000. JB Capital Partners LP purchased a new position in RadNet in the 2nd quarter worth approximately $87,821,842,000. Bamco Inc. NY bought a new position in RadNet in the 2nd quarter valued at approximately $77,765,000. RTW Investments LP boosted its stake in RadNet by 39.9% during the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the last quarter. Finally, Polar Capital Holdings Plc purchased a new stake in RadNet during the 3rd quarter valued at $63,423,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of RadNet stock opened at $77.05 on Friday. RadNet has a 12 month low of $50.82 and a 12 month high of $85.84. The firm has a market capitalization of $6.06 billion, a P/E ratio of -285.36 and a beta of 1.36. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The business has a fifty day simple moving average of $64.82 and a two-hundred day simple moving average of $61.94.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same period last year, the business earned $0.31 EPS. RadNet’s quarterly revenue was up 25.0% compared to the same quarter last year. On average, equities analysts forecast that RadNet will post 0.49 earnings per share for the current fiscal year.

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.