RadNet (NASDAQ:RDNT) Hits New 52-Week High on Analyst Upgrade

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) shares reached a new 52-week high on Monday after Raymond James raised their price target on the stock from $50.00 to $60.00. Raymond James currently has an outperform rating on the stock. RadNet traded as high as $55.57 and last traded at $55.24, with a volume of 252107 shares traded. The stock had previously closed at $55.25.

Other equities analysts have also issued research reports about the company. StockNews.com upgraded RadNet from a "sell" rating to a "hold" rating in a research note on Tuesday, May 7th. Barclays began coverage on shares of RadNet in a research report on Wednesday, March 6th. They issued an "equal weight" rating and a $48.00 price objective on the stock. Jefferies Financial Group raised their target price on RadNet from $47.00 to $58.00 and gave the stock a "buy" rating in a research note on Friday, March 22nd. Finally, Truist Financial reaffirmed a "buy" rating and set a $55.00 price target (up previously from $51.00) on shares of RadNet in a research report on Thursday, March 28th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, RadNet has an average rating of "Moderate Buy" and a consensus price target of $55.25.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. raised its position in shares of RadNet by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company's stock worth $223,862,000 after purchasing an additional 345,822 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of RadNet by 4.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,744,124 shares of the medical research company's stock valued at $60,646,000 after buying an additional 71,714 shares during the last quarter. Invesco Ltd. increased its position in shares of RadNet by 12.5% during the third quarter. Invesco Ltd. now owns 1,471,687 shares of the medical research company's stock valued at $41,487,000 after acquiring an additional 163,380 shares in the last quarter. Principal Financial Group Inc. lifted its position in RadNet by 11.8% in the 1st quarter. Principal Financial Group Inc. now owns 1,442,887 shares of the medical research company's stock valued at $70,211,000 after acquiring an additional 152,305 shares in the last quarter. Finally, Global Alpha Capital Management Ltd. boosted its stake in RadNet by 16.2% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 1,019,934 shares of the medical research company's stock valued at $49,630,000 after purchasing an additional 141,830 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Trading Up 0.9 %

The stock has a fifty day simple moving average of $48.35 and a 200 day simple moving average of $39.65. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.32 and a current ratio of 1.86. The firm has a market cap of $4.12 billion, a P/E ratio of 184.37 and a beta of 1.69.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.16. RadNet had a net margin of 1.28% and a return on equity of 5.05%. The firm had revenue of $431.70 million during the quarter, compared to analysts' expectations of $421.72 million. During the same period in the previous year, the company earned ($0.08) earnings per share. The firm's quarterly revenue was up 10.5% on a year-over-year basis. On average, research analysts expect that RadNet, Inc. will post 0.44 earnings per share for the current fiscal year.

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.