RadNet (NASDAQ:RDNT) Hits New 52-Week High on Analyst Upgrade

RadNet Inc. (NASDAQ:RDNT)’s stock price reached a new 52-week high during mid-day trading on Tuesday after Sidoti raised their price target on the stock from $20.00 to $23.00. Sidoti currently has a buy rating on the stock. RadNet traded as high as $20.09 and last traded at $20.06, with a volume of 16598 shares. The stock had previously closed at $19.82.

RDNT has been the topic of several other research reports. Zacks Investment Research lowered RadNet from a “buy” rating to a “hold” rating in a research note on Saturday, November 16th. BidaskClub lowered RadNet from a “buy” rating to a “hold” rating in a research note on Tuesday, October 29th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $19.50.

In related news, Director John V. Crues sold 20,000 shares of RadNet stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $17.78, for a total transaction of $355,600.00. Following the completion of the transaction, the director now directly owns 434,097 shares of the company’s stock, valued at approximately $7,718,244.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 6.10% of the company’s stock.

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC increased its holdings in RadNet by 159.2% during the 2nd quarter. SG Americas Securities LLC now owns 24,289 shares of the medical research company’s stock valued at $335,000 after purchasing an additional 14,918 shares in the last quarter. Aperio Group LLC acquired a new position in RadNet in the second quarter worth $36,000. Wedge Capital Management L L P NC grew its holdings in shares of RadNet by 24.8% during the second quarter. Wedge Capital Management L L P NC now owns 37,033 shares of the medical research company’s stock worth $511,000 after purchasing an additional 7,369 shares during the last quarter. Candriam Luxembourg S.C.A. grew its holdings in shares of RadNet by 31.6% during the second quarter. Candriam Luxembourg S.C.A. now owns 106,292 shares of the medical research company’s stock worth $1,459,000 after purchasing an additional 25,500 shares during the last quarter. Finally, Envestnet Asset Management Inc. increased its stake in shares of RadNet by 11.0% in the second quarter. Envestnet Asset Management Inc. now owns 11,390 shares of the medical research company’s stock valued at $157,000 after buying an additional 1,132 shares in the last quarter. 66.07% of the stock is currently owned by institutional investors and hedge funds.

The stock has a 50 day moving average price of $16.69 and a two-hundred day moving average price of $14.69. The company has a debt-to-equity ratio of 5.01, a current ratio of 0.77 and a quick ratio of 0.77. The company has a market capitalization of $996.35 million, a price-to-earnings ratio of 30.76, a price-to-earnings-growth ratio of 12.17 and a beta of 0.96.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Tuesday, November 12th. The medical research company reported $0.06 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by ($0.05). RadNet had a return on equity of 16.52% and a net margin of 3.02%. The company had revenue of $292.70 million for the quarter, compared to analyst estimates of $283.39 million. During the same quarter last year, the company earned $0.10 EPS. The firm’s quarterly revenue was up 20.9% on a year-over-year basis. Sell-side analysts forecast that RadNet Inc. will post 0.21 EPS for the current fiscal year.

RadNet Company Profile (NASDAQ:RDNT)

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. 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.

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