RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

RadNet, Inc. (NASDAQ:RDNT) has earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have issued a buy rating and two have given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued ratings on the stock in the last year is $87.4286.

Several equities research analysts have commented on the stock. Zacks Research downgraded shares of RadNet from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Barclays lowered their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 20th.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $62.19 on Monday. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The stock has a market capitalization of $4.89 billion, a PE ratio of -345.48 and a beta of 1.37. RadNet has a one year low of $50.76 and a one year high of $85.84. The business’s fifty day moving average price is $57.99 and its 200-day moving average price is $62.69.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share 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 firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. During the same period last year, the business posted ($0.50) EPS. The company’s revenue was up 22.1% compared to the same quarter last year. On average, equities research analysts anticipate that RadNet will post 0.54 EPS for the current year.

Insider Activity at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction 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 sale, the director owned 177,013 shares of the company’s stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RadNet

A number of large investors have recently made changes to their positions in RDNT. Nations Financial Group Inc. IA ADV purchased a new position in RadNet during the 4th quarter valued at about $1,118,000. Campbell Newman Asset Management Inc. purchased a new stake in shares of RadNet in the fourth quarter worth about $1,773,000. Assenagon Asset Management S.A. purchased a new stake in shares of RadNet in the fourth quarter worth about $756,000. Bessemer Group Inc. boosted its position in shares of RadNet by 11.4% in the fourth quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company’s stock valued at $35,248,000 after acquiring an additional 50,690 shares during the period. Finally, Ellsworth Advisors LLC bought a new position in shares of RadNet in the fourth quarter valued at approximately $741,000. 77.90% of the stock is owned by institutional investors.

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.