RadNet (NASDAQ:RDNT) Price Target Cut to $60.00 by Analysts at Barclays

RadNet (NASDAQ:RDNT) had its target price cut by Barclays from $74.00 to $60.00 in a research report sent to investors on Monday morning,Benzinga reports. They currently have an overweight rating on the medical research company’s stock.

RDNT has been the topic of a number of other research reports. Truist Financial reissued a “buy” rating and issued a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $85.00 to $65.00 in a research note on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Finally, StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday, March 19th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, RadNet currently has an average rating of “Buy” and an average target price of $73.25.

RadNet Price Performance

Shares of RDNT opened at $51.83 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet has a 52-week low of $45.82 and a 52-week high of $93.65. The stock has a 50 day simple moving average of $58.48 and a 200 day simple moving average of $67.45. The firm has a market capitalization of $3.84 billion, a PE ratio of -740.32 and a beta of 1.85.

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

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 2,000 shares of the company’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 transaction, the chief executive officer now directly owns 58,995 shares in the company, valued at $3,101,957.10. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the sale, the chief operating officer now owns 261,959 shares of the company’s stock, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is owned by company insiders.

Hedge Funds Weigh In On RadNet

A number of large investors have recently made changes to their positions in RDNT. Natixis Advisors LLC increased its position in RadNet by 11.4% during the 3rd quarter. Natixis Advisors LLC now owns 22,530 shares of the medical research company’s stock worth $1,563,000 after buying an additional 2,305 shares during the period. Pathstone Holdings LLC grew its position in shares of RadNet by 58.5% during the 3rd quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock worth $1,908,000 after purchasing an additional 10,151 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of RadNet during the third quarter worth approximately $2,756,000. Intech Investment Management LLC raised its position in shares of RadNet by 178.3% in the third quarter. Intech Investment Management LLC now owns 21,078 shares of the medical research company’s stock valued at $1,463,000 after buying an additional 13,505 shares in the last quarter. Finally, Citigroup Inc. boosted its stake in shares of RadNet by 23.0% in the third quarter. Citigroup Inc. now owns 174,878 shares of the medical research company’s stock valued at $12,135,000 after buying an additional 32,673 shares during the period. Institutional investors own 77.90% of the company’s stock.

RadNet Company Profile

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.