RadNet (NASDAQ:RDNT) Hits New 12-Month High at $68.19

RadNet, Inc. (NASDAQ:RDNT)’s share price reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $68.19 and last traded at $67.73, with a volume of 18892 shares traded. The stock had previously closed at $67.23.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $79.00 in a research report on Friday, September 6th. Truist Financial boosted their price objective on RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Jefferies Financial Group boosted their price objective on RadNet from $61.00 to $75.00 and gave the company a “buy” rating in a research report on Thursday, July 11th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

RadNet Price Performance

The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12. The company has a 50-day moving average of $62.12 and a 200-day moving average of $55.92. The firm has a market capitalization of $5.01 billion, a price-to-earnings ratio of 225.97 and a beta of 1.74.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The business had revenue of $459.70 million during the quarter, compared to analyst estimates of $438.53 million. During the same quarter in the prior year, the firm posted $0.24 earnings per share. RadNet’s revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, research analysts anticipate that RadNet, Inc. will post 0.58 EPS for the current fiscal year.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total value of $941,700.00. Following the sale, the executive vice president now owns 48,144 shares in the company, valued at approximately $3,022,480.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total value of $941,700.00. Following the sale, the executive vice president now owns 48,144 shares in the company, valued at approximately $3,022,480.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Gregory E. Spurlock sold 7,167 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the completion of the sale, the director now owns 9,758 shares in the company, valued at approximately $583,040.50. The disclosure for this sale can be found here. Company insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently made changes to their positions in RDNT. Nisa Investment Advisors LLC raised its stake in shares of RadNet by 774.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock worth $50,000 after purchasing an additional 751 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of RadNet by 74.7% during the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after purchasing an additional 370 shares in the last quarter. Assetmark Inc. raised its stake in shares of RadNet by 35.2% during the 4th quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock worth $111,000 after purchasing an additional 829 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of RadNet by 8.7% during the 1st quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock worth $177,000 after purchasing an additional 291 shares in the last quarter. Finally, MQS Management LLC bought a new stake in shares of RadNet during the 1st quarter worth approximately $207,000. Institutional investors 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.