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

Shares of RadNet, Inc. (NASDAQ:RDNT) have earned an average recommendation of “Buy” from the five analysts that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a buy recommendation and two have assigned a strong buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $69.75.

A number of equities analysts have issued reports on RDNT shares. Barclays cut their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Wall Street Zen lowered RadNet from a “hold” rating to a “sell” rating in a research report on Thursday, May 22nd. Truist Financial cut their target price on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and cut their target price for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the transaction, the chief executive officer now directly owns 55,995 shares in the company, valued at $2,828,867.40. This trade represents a 1.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,447 shares of company stock worth $2,433,550 over the last ninety days. 5.12% of the stock is owned by insiders.

Institutional Investors Weigh In On RadNet

Large investors have recently added to or reduced their stakes in the stock. KBC Group NV increased its position in RadNet by 47.6% in the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock worth $187,000 after buying an additional 864 shares during the period. Allspring Global Investments Holdings LLC increased its position in RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after buying an additional 344,146 shares during the period. WCM Investment Management LLC acquired a new stake in RadNet in the fourth quarter worth $14,110,000. Guidance Capital Inc. acquired a new stake in RadNet in the fourth quarter worth $467,000. Finally, JPMorgan Chase & Co. increased its position in RadNet by 154.8% in the fourth quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company’s stock worth $23,665,000 after buying an additional 205,846 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Stock Up 0.1%

NASDAQ RDNT opened at $56.68 on Wednesday. The business has a 50 day moving average price of $53.07 and a two-hundred day moving average price of $62.61. RadNet has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The stock has a market cap of $4.25 billion, a PE ratio of -809.60 and a beta of 1.46. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last announced its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. As a group, sell-side analysts predict that RadNet will post 0.56 EPS for the current fiscal year.

About RadNet

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.