RadNet, Inc. (NASDAQ:RDNT) Receives $87.60 Average PT from Analysts

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given an average rating of “Moderate Buy” by the nine ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $87.60.

A number of brokerages have weighed in on RDNT. Truist Financial set a $90.00 price objective on RadNet in a report on Wednesday, December 17th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Zacks Research cut RadNet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research report on Thursday, December 18th. Finally, Barclays upped their price target on shares of RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research note on Thursday, November 13th.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $74.17 on Thursday. The stock has a fifty day moving average price of $76.81 and a 200 day moving average price of $70.36. RadNet has a 1-year low of $45.00 and a 1-year high of $85.84. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.87 and a quick ratio of 1.87. The company has a market cap of $5.72 billion, a PE ratio of -436.27 and a beta of 1.51.

RadNet (NASDAQ:RDNT) last announced 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 firm 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 business’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.18 earnings per share. Sell-side analysts forecast that RadNet will post 0.56 EPS for the current year.

Insiders Place Their Bets

In other RadNet news, CAO Mital Patel sold 25,000 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the completion of the transaction, the chief accounting officer directly owned 205,138 shares of the company’s stock, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 50,000 shares of company stock worth $3,902,254 in the last quarter. Corporate insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in RadNet by 1.3% in the third quarter. Vanguard Group Inc. now owns 7,483,869 shares of the medical research company’s stock valued at $570,346,000 after purchasing an additional 95,015 shares during the last quarter. Beck Mack & Oliver LLC boosted its position in shares of RadNet by 0.4% in the 3rd quarter. Beck Mack & Oliver LLC now owns 3,276,774 shares of the medical research company’s stock worth $249,723,000 after buying an additional 13,633 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of RadNet by 6.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock worth $100,203,000 after buying an additional 112,284 shares in the last quarter. Geode Capital Management LLC grew its stake in RadNet by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock valued at $93,354,000 after acquiring an additional 37,403 shares during the last quarter. Finally, Invesco Ltd. increased its holdings in RadNet by 7.2% during the 2nd quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock valued at $92,746,000 after acquiring an additional 108,863 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

About RadNet

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.