RadNet, Inc. (NASDAQ:RDNT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have earned a consensus rating of “Moderate Buy” from the nine research firms that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $88.00.

RDNT has been the subject of several research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Barclays decreased their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, May 20th. Truist Financial upped their target price on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research note on Friday, July 31st.

Insider Activity

In related news, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDNT. AQR Capital Management LLC grew its position in RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after purchasing an additional 350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of RadNet by 4.5% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock worth $1,956,000 after purchasing an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp raised its stake in RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after purchasing an additional 1,448 shares during the last quarter. United Services Automobile Association acquired a new stake in RadNet in the 1st quarter valued at about $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of RadNet by 2.0% during the 1st 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 worth $21,904,000 after acquiring an additional 8,762 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Trading Down 2.8%

NASDAQ RDNT opened at $73.83 on Friday. The company’s 50-day moving average price is $64.10 and its 200-day moving average price is $61.85. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The stock has a market cap of $5.81 billion, a PE ratio of -273.43 and a beta of 1.36. RadNet has a 12 month low of $50.82 and a 12 month high of $85.84.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping 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 negative net margin of 0.93% and a positive return on equity of 2.61%. The firm’s revenue was up 25.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 EPS. Equities research analysts forecast that RadNet will post 0.49 earnings per share for the current year.

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.