RadNet (NASDAQ:RDNT) Hits New 1-Year High Following Analyst Upgrade

RadNet, Inc. (NASDAQ:RDNT) shares hit a new 52-week high during trading on Thursday after Jefferies Financial Group raised their price target on the stock from $75.00 to $80.00. Jefferies Financial Group currently has a buy rating on the stock. RadNet traded as high as $70.37 and last traded at $69.63, with a volume of 46661 shares changing hands. The stock had previously closed at $67.11.

Other analysts have also issued reports about the company. Truist Financial raised their price objective on RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a report on Monday, July 15th. Barclays raised RadNet from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $57.00 to $79.00 in a report on Friday, September 6th. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $72.25.

Insider Transactions at RadNet

In other news, EVP Michael N. Murdock sold 15,000 shares of RadNet 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 directly owns 48,144 shares of the company’s stock, valued at $3,022,480.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in RadNet by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock worth $147,937,000 after buying an additional 32,483 shares in the last quarter. RTW Investments LP purchased a new position in RadNet during the fourth quarter worth approximately $23,073,000. UniSuper Management Pty Ltd purchased a new position in RadNet during the first quarter worth approximately $683,000. Janus Henderson Group PLC lifted its position in RadNet by 108.6% during the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock worth $3,112,000 after buying an additional 33,335 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its position in RadNet by 103.4% during the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company’s stock worth $12,160,000 after buying an additional 127,039 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92. The stock has a market cap of $5.12 billion, a PE ratio of 231.13 and a beta of 1.74. The stock has a 50-day moving average of $63.03 and a 200 day moving average of $56.72.

RadNet (NASDAQ:RDNT) last posted its earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $438.53 million. During the same quarter in the prior year, the firm earned $0.24 EPS. RadNet’s revenue for the quarter was up 13.9% compared to the same quarter last year. Equities analysts predict that RadNet, Inc. will post 0.58 EPS for the current fiscal year.

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.