Barclays Has Lowered Expectations for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its target price decreased by equities researchers at Barclays from $86.00 to $70.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the medical research company’s stock. Barclays‘s price objective suggests a potential upside of 20.77% from the company’s previous close.

RDNT has been the topic of a number of other research reports. UBS Group set a $92.00 target price on RadNet in a report on Friday, January 9th. Jefferies Financial Group reiterated a “buy” rating and set a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. KeyCorp upgraded RadNet to a “strong-buy” rating in a report on Friday, January 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $88.14.

RadNet Stock Up 0.2%

Shares of NASDAQ:RDNT traded up $0.11 during trading on Tuesday, reaching $57.96. 95,098 shares of the stock were exchanged, compared to its average volume of 801,788. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76. RadNet has a 1-year low of $47.21 and a 1-year high of $85.84. The stock has a fifty day moving average of $62.88 and a two-hundred day moving average of $71.20. The firm has a market cap of $4.50 billion, a price-to-earnings ratio of -231.85 and a beta of 1.53.

RadNet (NASDAQ:RDNT) last issued its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The company had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. During the same period in the prior year, the firm earned $0.22 earnings per share. RadNet’s revenue for the quarter was up 14.8% on a year-over-year basis. Research analysts anticipate that RadNet will post 0.67 earnings per share for the current fiscal year.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the completion of the sale, the insider directly owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

A number of large investors have recently bought and sold shares of the company. Louisiana State Employees Retirement System purchased a new stake in RadNet in the first quarter worth $1,727,000. Campbell Newman Asset Management Inc. increased its position in RadNet by 2.6% in the first quarter. Campbell Newman Asset Management Inc. now owns 25,488 shares of the medical research company’s stock worth $1,425,000 after buying an additional 640 shares during the last quarter. E. Ohman J or Asset Management AB increased its position in RadNet by 18.7% in the first quarter. E. Ohman J or Asset Management AB now owns 36,403 shares of the medical research company’s stock worth $2,035,000 after buying an additional 5,737 shares during the last quarter. Corient Private Wealth LLC increased its position in RadNet by 50.6% in the fourth quarter. Corient Private Wealth LLC now owns 6,059 shares of the medical research company’s stock worth $432,000 after buying an additional 2,035 shares during the last quarter. Finally, Invesco Ltd. increased its position in RadNet by 26.4% in the fourth quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company’s stock worth $113,930,000 after buying an additional 333,911 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Company Profile

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.