RadNet (NASDAQ:RDNT) Price Target Raised to $86.00

RadNet (NASDAQ:RDNT) had its price objective hoisted by Barclays from $79.00 to $86.00 in a report issued on Thursday,Benzinga reports. They currently have an overweight rating on the medical research company’s stock.

A number of other equities analysts also recently commented on RDNT. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Weiss Ratings reissued a “sell (d)” rating on shares of RadNet in a research report on Wednesday, October 8th. Truist Financial increased their price target on shares of RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday. Raymond James Financial restated a “strong-buy” rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Finally, Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 14th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $84.00.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $75.15 on Thursday. The firm has a market cap of $5.80 billion, a price-to-earnings ratio of -375.73 and a beta of 1.58. RadNet has a 1 year low of $45.00 and a 1 year high of $85.42. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The business has a fifty day simple moving average of $76.59 and a 200 day simple moving average of $65.36.

RadNet (NASDAQ:RDNT) last issued its earnings results on Sunday, November 9th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The firm had revenue of $522.87 million during the quarter, compared to analysts’ expectations of $494.19 million. During the same quarter last year, the firm earned $0.18 EPS. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, sell-side analysts predict that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 500 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $72.13, for a total transaction of $36,065.00. Following the completion of the transaction, the chief executive officer owned 53,495 shares of the company’s stock, valued at $3,858,594.35. The trade was a 0.93% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the sale, the insider owned 138,198 shares of the company’s stock, valued at $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 118,098 shares of company stock valued at $8,269,445 in the last quarter. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of RadNet

A number of hedge funds have recently bought and sold shares of RDNT. American Century Companies Inc. grew its holdings in shares of RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock worth $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. Van Berkom & Associates Inc. raised its stake in shares of RadNet by 14,163.6% in the third quarter. Van Berkom & Associates Inc. now owns 823,582 shares of the medical research company’s stock valued at $62,765,000 after purchasing an additional 817,808 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its position in RadNet by 81.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock worth $82,417,000 after purchasing an additional 743,922 shares during the period. Alyeska Investment Group L.P. boosted its stake in 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 buying an additional 712,270 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in RadNet by 79.7% during the second quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after buying an additional 618,392 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

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.