RadNet, Inc. (NASDAQ:RDNT) Receives $87.60 Average Target Price from Brokerages

by · The Cerbat Gem

RadNet, Inc. (NASDAQ:RDNT – Get Free Report) has earned a consensus rating of “Moderate Buy” from the nine analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, one has issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $87.60.

Several analysts have recently issued reports on the company. Truist Financial set a $90.00 price target on RadNet in a research note on Wednesday, December 17th. Barclays upped their target price on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Monday, December 29th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. Finally, Zacks Research downgraded shares of RadNet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th.

Get Our Latest Stock Report on RadNet

Insider Transactions at RadNet

In other news, CAO Mital Patel sold 15,080 shares of the firm’s stock in a transaction dated Wednesday, November 19th. The stock was sold at an average price of $80.05, for a total value of $1,207,154.00. Following the sale, the chief accounting officer directly owned 180,138 shares of the company’s stock, valued at approximately $14,420,046.90. This trade represents a 7.72% 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. Insiders have sold 50,000 shares of company stock worth $3,902,254 in the last three months. 5.60% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Several hedge funds have recently added to or reduced their stakes in the business. Castleark Management LLC raised its holdings in shares of RadNet by 241.7% in the 2nd quarter. Castleark Management LLC now owns 96,203 shares of the medical research company’s stock worth $5,475,000 after buying an additional 68,050 shares in the last quarter. Praxis Investment Management Inc. bought a new stake in RadNet in the second quarter valued at $225,000. Norges Bank bought a new stake in RadNet in the second quarter valued at $31,051,000. Fulton Bank N.A. acquired a new position in RadNet during the second quarter worth $389,000. Finally, Emerald Advisers LLC raised its stake in RadNet by 4.2% during the second quarter. Emerald Advisers LLC now owns 672,356 shares of the medical research company’s stock worth $38,264,000 after acquiring an additional 27,134 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

Shares of RDNT opened at $70.95 on Thursday. The firm has a market cap of $5.47 billion, a price-to-earnings ratio of -417.33 and a beta of 1.51. The company’s fifty day moving average is $76.96 and its 200-day moving average is $70.15. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.82. RadNet has a 12 month low of $45.00 and a 12 month high of $85.84.

RadNet (NASDAQ:RDNT – Get Free Report) last released its quarterly earnings data on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). The business had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.18 EPS. Equities analysts expect that RadNet will post 0.56 EPS for the current fiscal year.

About RadNet

(Get Free Report)

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.

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