RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Recommendation of “Moderate Buy” from Analysts

RadNet, Inc. (NASDAQ:RDNT) has been assigned a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, six have assigned a buy recommendation and two have issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $87.4286.

Several brokerages have recently weighed in on RDNT. Barclays lowered their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th. Jefferies Financial Group reissued a “buy” rating and set a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Finally, Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th.

RadNet Stock Down 2.4%

Shares of RDNT opened at $59.28 on Thursday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet has a 12 month low of $50.76 and a 12 month high of $85.84. The stock’s 50 day moving average is $55.94 and its two-hundred day moving average is $63.55. The firm has a market cap of $4.66 billion, a P/E ratio of -329.32 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. During the same period last year, the firm earned ($0.50) EPS. The company’s revenue for the quarter was up 22.1% compared to the same quarter last year. Analysts predict that RadNet will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 5.60% of the company’s stock.

Institutional Trading of RadNet

Hedge funds have recently modified their holdings of the stock. AQR Capital Management LLC increased its holdings in RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after buying an additional 350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in RadNet by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after buying an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after buying an additional 1,448 shares during the last quarter. United Services Automobile Association purchased a new position in RadNet in the first quarter valued at $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in RadNet by 2.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after buying an additional 8,762 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

About RadNet

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.