RadNet, Inc. (NASDAQ:RDNT) Receives $87.43 Consensus Target Price from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been assigned an average rating of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a sell recommendation, six have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $87.4286.

A number of equities research analysts recently commented on the stock. Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Barclays cut their price target 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. Finally, Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th.

RadNet Stock Performance

RDNT stock opened at $59.22 on Monday. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of -328.98 and a beta of 1.37. The firm has a 50-day simple moving average of $58.33 and a two-hundred day simple moving average of $62.47. RadNet has a one year low of $50.76 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.79, a quick ratio of 1.17 and a current ratio of 1.17.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. During the same period in the previous year, the firm earned ($0.50) EPS. The firm’s quarterly revenue was up 22.1% on a year-over-year basis. On average, equities analysts forecast that RadNet will post 0.54 EPS for the current fiscal year.

Insider Buying and Selling at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s 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 sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On RadNet

Hedge funds and other institutional investors have recently modified their holdings of the stock. RTW Investments LP grew its position 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 worth $281,012,000 after purchasing an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of RadNet by 30.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock worth $192,581,000 after buying an additional 627,936 shares during the last quarter. State Street Corp raised its holdings in shares of RadNet by 1.6% in the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock worth $184,017,000 after buying an additional 41,356 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of RadNet by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company’s stock worth $119,283,000 after buying an additional 6,655 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of RadNet by 26.4% during 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 period. 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.