RadNet (NASDAQ:RDNT) Shares Cross Above 200 Day Moving Average – Should You Sell?

RadNet, Inc. (NASDAQ:RDNT)’s stock price passed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $63.59 and traded as high as $71.78. RadNet shares last traded at $71.49, with a volume of 383,361 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on RDNT shares. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a report on Tuesday, September 22nd. Zacks Research upgraded RadNet from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 9th. Truist Financial upped their price target on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a report on Friday, July 31st. Three equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, RadNet currently has a consensus rating of “Buy” and a consensus target price of $90.00.

RadNet Trading Down 3.3%

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 company’s fifty day moving average is $73.51 and its 200-day moving average is $63.66. The firm has a market capitalization of $5.44 billion, a P/E ratio of -256.14 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. RadNet’s revenue was up 25.0% compared to the same quarter last year. During the same period last year, the business posted $0.31 EPS. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On RadNet

A number of institutional investors have recently made changes to their positions in RDNT. BlackRock Inc. bought a new stake in shares of RadNet in the second quarter valued at about $675,768,000. JB Capital Partners LP acquired a new stake in RadNet during the second quarter worth about $87,821,842. Bamco Inc. NY bought a new position in RadNet during the second quarter valued at about $77,765,000. Punch & Associates Investment Management Inc. bought a new position in RadNet during the second quarter valued at about $39,054,000. Finally, Deutsche Bank AG bought a new position in RadNet during the second quarter valued at about $30,586,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Company Profile

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of ambulatory imaging centers. Its services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray, fluoroscopy and other diagnostic examinations.

The company serves patients, physicians, hospitals and health systems, with operations concentrated in several U.S. markets, including California, Delaware, Maryland, New Jersey and New York.