RadNet, Inc. (NASDAQ:RDNT) Given Average Rating of “Moderate Buy” by Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given an average rating of “Moderate Buy” by the ten brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation, six have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $87.4286.

A number of analysts recently weighed in on the stock. Barclays lowered their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Weiss Ratings cut shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $91.00 target price on shares of RadNet in a research note on Tuesday, March 3rd.

Insider Transactions at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business’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 completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $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. Insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mairs & Power Inc. boosted its position in RadNet by 68.9% in the third quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after buying an additional 39,752 shares in the last quarter. US Bancorp DE boosted its position in RadNet by 485.4% in the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock valued at $2,161,000 after buying an additional 23,507 shares in the last quarter. Neuberger Berman Group LLC boosted its position in RadNet by 59.4% in the third quarter. Neuberger Berman Group LLC now owns 456,855 shares of the medical research company’s stock valued at $34,817,000 after buying an additional 170,261 shares in the last quarter. Segall Bryant & Hamill LLC lifted its position in shares of RadNet by 15.5% during the third quarter. Segall Bryant & Hamill LLC now owns 368,934 shares of the medical research company’s stock worth $28,116,000 after purchasing an additional 49,527 shares in the last quarter. Finally, Westfield Capital Management Co. LP acquired a new position in shares of RadNet during the third quarter worth approximately $40,073,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Performance

NASDAQ RDNT opened at $58.16 on Thursday. The stock has a market cap of $4.57 billion, a P/E ratio of -323.09 and a beta of 1.41. The company’s 50-day simple moving average is $55.87 and its 200 day simple moving average is $63.90. RadNet has a twelve month low of $50.76 and a twelve month high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

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