Brokerages Set RadNet, Inc. (NASDAQ:RDNT) Target Price at $87.43

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given an average rating of “Moderate Buy” by the ten ratings firms that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $87.4286.

RDNT has been the topic of several research reports. Barclays dropped their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th.

Insider Buying and Selling

In other news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On RadNet

A number of hedge funds and other institutional investors have recently made changes to their positions in RDNT. Parallel Advisors LLC increased its position in RadNet by 80.0% in the 1st quarter. Parallel Advisors LLC now owns 1,114 shares of the medical research company’s stock valued at $62,000 after acquiring an additional 495 shares during the period. NewEdge Advisors LLC grew its stake in shares of RadNet by 7.2% in the 1st quarter. NewEdge Advisors LLC now owns 20,212 shares of the medical research company’s stock valued at $1,130,000 after purchasing an additional 1,355 shares during the last quarter. Glenmede Trust Co. NA grew its stake in shares of RadNet by 59.2% in the 1st quarter. Glenmede Trust Co. NA now owns 4,703 shares of the medical research company’s stock valued at $263,000 after purchasing an additional 1,749 shares during the last quarter. Bank of America Corp DE grew its stake in shares of RadNet by 15.1% in the 1st quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company’s stock valued at $32,953,000 after purchasing an additional 77,198 shares during the last quarter. Finally, Edgestream Partners L.P. increased its holdings in shares of RadNet by 273.6% in the first quarter. Edgestream Partners L.P. now owns 41,617 shares of the medical research company’s stock valued at $2,326,000 after purchasing an additional 30,479 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 6.4%

Shares of RadNet stock opened at $65.62 on Thursday. The company has a fifty day simple moving average of $56.13 and a 200-day simple moving average of $63.35. RadNet has a 12-month low of $50.76 and a 12-month high of $85.84. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market cap of $5.16 billion, a price-to-earnings ratio of -364.54 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The company had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. During the same quarter in the prior year, the business earned ($0.50) earnings per share. RadNet’s revenue was up 22.1% compared to the same quarter last year. On average, equities analysts forecast that RadNet will post 0.54 EPS for the current fiscal 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.