Analysts Set RadNet, Inc. (NASDAQ:RDNT) PT at $90.00

RadNet, Inc. (NASDAQ:RDNT) has received a consensus recommendation of “Moderate Buy” from the nine ratings firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, five have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $90.00.

RDNT has been the topic of a number of recent analyst reports. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Truist Financial increased their price target on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Finally, Barclays lifted their price target on shares of RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, August 28th.

Insiders Place Their Bets

In other RadNet news, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly 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. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer 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 disclosure for this sale is available in the SEC filing. Company insiders own 5.14% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors have recently made changes to their positions in the business. Bank of America Corp DE raised its stake in shares of RadNet by 15.1% in the first 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 in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in RadNet during the second quarter worth $1,172,000. Van Berkom & Associates Inc. boosted its stake in RadNet by 24.9% during the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock worth $57,488,000 after buying an additional 204,858 shares in the last quarter. E. Ohman J or Asset Management AB boosted its stake in RadNet by 1,144.3% during the second quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock worth $27,934,000 after buying an additional 416,563 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in RadNet in the 2nd quarter valued at $9,787,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Trading Up 4.8%

RadNet stock opened at $74.28 on Tuesday. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of -275.10 and a beta of 1.41. RadNet has a one year low of $50.82 and a one year high of $85.84. The company’s fifty day moving average price is $69.71 and its two-hundred day moving average price is $62.52.

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

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.