RadNet (NASDAQ:RDNT) Price Target Raised to $94.00

RadNet (NASDAQ:RDNT) had its price objective upped by Truist Financial from $90.00 to $94.00 in a report released on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the medical research company’s stock.

A number of other brokerages have also issued reports on RDNT. Barclays dropped their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a report on Friday, July 31st. Zacks Research cut shares of RadNet from a “hold” rating to a “strong sell” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, RadNet has a consensus rating of “Moderate Buy” and a consensus target price of $88.00.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $77.31 on Tuesday. The firm has a 50 day simple moving average of $62.87 and a 200 day simple moving average of $61.80. The company has a market cap of $6.08 billion, a price-to-earnings ratio of -286.32 and a beta of 1.36. RadNet has a one year low of $50.82 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Sunday, August 9th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. The company had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. RadNet had a positive return on equity of 2.64% and a negative net margin of 0.93%.RadNet’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter last year, the business posted $0.31 EPS. Research analysts predict that RadNet will post 0.47 earnings per share for the current fiscal year.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on 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 in the company, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction that occurred on 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. The trade was a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in shares of RadNet during the 4th quarter valued at $25,000. Allworth Financial LP grew its holdings in RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S acquired a new stake in RadNet in the third quarter worth $30,000. Eurizon Capital SGR S.p.A. bought a new stake in RadNet in the fourth quarter valued at $36,000. Finally, Harbour Investments Inc. bought a new stake in RadNet in the fourth quarter valued at $42,000. Institutional investors own 77.90% of the company’s stock.

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.