StockNews.com Upgrades RadNet (NASDAQ:RDNT) to Hold

StockNews.com upgraded shares of RadNet (NASDAQ:RDNT) from a sell rating to a hold rating in a research note issued to investors on Tuesday morning.

A number of other equities analysts have also recently commented on RDNT. Truist Financial reaffirmed a buy rating and issued a $55.00 target price (up from $51.00) on shares of RadNet in a report on Thursday, March 28th. Jefferies Financial Group lifted their price objective on RadNet from $47.00 to $58.00 and gave the company a buy rating in a research report on Friday, March 22nd. Finally, Barclays started coverage on shares of RadNet in a report on Wednesday, March 6th. They issued an equal weight rating and a $48.00 target price for the company.

RadNet Stock Performance

Shares of RadNet stock opened at $52.47 on Tuesday. The stock has a market cap of $3.88 billion, a price-to-earnings ratio of -2,623.50 and a beta of 1.69. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.32 and a quick ratio of 1.32. RadNet has a 1 year low of $25.11 and a 1 year high of $52.75. The firm’s 50-day moving average is $47.55 and its 200 day moving average is $39.11.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Friday, March 1st. The medical research company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.11 by $0.09. RadNet had a net margin of 0.19% and a return on equity of 4.72%. The firm had revenue of $420.38 million for the quarter, compared to analysts’ expectations of $410.11 million. During the same quarter in the prior year, the business earned $0.11 EPS. The business’s quarterly revenue was up 9.5% on a year-over-year basis. Sell-side analysts anticipate that RadNet will post 0.35 EPS for the current fiscal year.

Institutional Trading of RadNet

Several hedge funds have recently modified their holdings of RDNT. Vanguard Group Inc. raised its stake in RadNet by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock valued at $147,937,000 after purchasing an additional 32,483 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of RadNet by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,744,124 shares of the medical research company’s stock valued at $60,646,000 after buying an additional 71,714 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of RadNet by 12.5% in the 3rd quarter. Invesco Ltd. now owns 1,471,687 shares of the medical research company’s stock valued at $41,487,000 after acquiring an additional 163,380 shares during the last quarter. Principal Financial Group Inc. grew its position in RadNet by 11.8% in the first quarter. Principal Financial Group Inc. now owns 1,442,887 shares of the medical research company’s stock worth $70,211,000 after acquiring an additional 152,305 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in RadNet by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 771,662 shares of the medical research company’s stock worth $26,831,000 after acquiring an additional 27,311 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Company Profile

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.