Analysts Set RadNet, Inc. (NASDAQ:RDNT) Target Price at $69.75

RadNet, Inc. (NASDAQ:RDNT) has earned an average recommendation of “Buy” from the five brokerages that are currently covering the company, MarketBeat Ratings reports. Three research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $69.75.

Several analysts recently commented on RDNT shares. Jefferies Financial Group reduced their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Truist Financial reduced their price target on shares of RadNet from $88.00 to $74.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and dropped their price objective for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays decreased their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Finally, StockNews.com upgraded RadNet to a “sell” rating in a research report on Wednesday, March 19th.

RadNet Price Performance

Shares of RDNT opened at $52.38 on Friday. The firm has a market capitalization of $3.88 billion, a PE ratio of -748.18 and a beta of 1.59. The stock’s 50 day moving average is $51.09 and its two-hundred day moving average is $64.13. RadNet has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. Research analysts anticipate that RadNet will post 0.56 earnings per share for the current year.

Insider Buying and Selling at RadNet

In related news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now owns 174,067 shares in the company, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares of the company’s stock, valued at $3,101,957.10. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is owned by insiders.

Institutional Investors Weigh In On RadNet

Several hedge funds have recently made changes to their positions in the business. KBC Group NV lifted its position in RadNet by 47.6% during the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock worth $187,000 after buying an additional 864 shares during the period. Franklin Resources Inc. lifted its holdings in shares of RadNet by 12.0% during the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock worth $27,334,000 after acquiring an additional 41,381 shares during the period. Allspring Global Investments Holdings LLC boosted its position in shares of RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after acquiring an additional 344,146 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in RadNet by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock valued at $9,229,000 after purchasing an additional 1,838 shares during the period. Finally, WCM Investment Management LLC acquired a new position in RadNet during the fourth quarter worth approximately $14,110,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.