RadNet (NASDAQ:RDNT) Stock Breaks Above 200-Day Moving Average – Here’s Why

Shares of RadNet, Inc. (NASDAQ:RDNT) crossed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $63.20 and traded as high as $69.70. RadNet shares last traded at $67.70, with a volume of 928,736 shares traded.

Analyst Upgrades and Downgrades

RDNT has been the topic of several recent analyst reports. Barclays upped their price target on shares of RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Truist Financial boosted their target price on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research report on Tuesday, September 22nd. Finally, Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $90.00.

RadNet Stock Up 3.3%

The firm has a market cap of $5.50 billion, a price-to-earnings ratio of -258.99 and a beta of 1.41. The stock has a 50-day moving average of $72.69 and a 200-day moving average of $63.25. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94.

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. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company had revenue of $622.72 million for the quarter, compared to analysts’ expectations of $610.87 million. During the same period last year, the business posted $0.31 earnings per share. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. As a group, sell-side analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of RDNT. BlackRock Inc. bought a new stake in shares of RadNet during the 2nd quarter worth about $675,768,000. JB Capital Partners LP acquired a new position in shares of RadNet during the second quarter valued at approximately $87,821,842. Bamco Inc. NY bought a new stake in RadNet during the second quarter worth approximately $77,765,000. Punch & Associates Investment Management Inc. bought a new stake in RadNet during the second quarter worth approximately $39,054,000. Finally, Deutsche Bank AG acquired a new stake in RadNet in the second quarter worth approximately $30,586,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.