RadNet (NASDAQ:RDNT) Share Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• RadNet shares climbed above their 200-day moving average, reaching $71.78 and closing near $71.49, compared with the long-term average of $63.59.
• Analyst sentiment is broadly positive: RadNet has a “Moderate Buy” consensus rating and an average price target of $90.00, although one analyst maintained a sell rating.
• RadNet exceeded quarterly expectations, reporting $0.29 in EPS versus the $0.20 consensus and $622.72 million in revenue, up 25% year over year.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $63.59 and traded as high as $71.78. RadNet shares last traded at $71.49, with a volume of 383,361 shares.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RDNT shares. Truist Financial raised their price objective on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Barclays boosted their target price on RadNet from $65.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, August 28th. Raymond James Financial reissued a "strong-buy" rating on shares of RadNet in a research note on Tuesday, September 22nd. Finally, Jefferies Financial Group reissued a "buy" rating on shares of RadNet in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, RadNet has an average rating of "Moderate Buy" and an average price target of $90.00.

RadNet Price Performance

The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The stock's fifty day moving average price is $73.46 and its 200-day moving average price is $63.59. The firm has a market cap of $5.63 billion, a PE ratio of -264.77 and a beta of 1.41.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The firm had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. During the same quarter in the previous year, the firm earned $0.31 earnings per share. The firm's revenue was up 25.0% on a year-over-year basis. As a group, equities analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On RadNet

Institutional investors have recently modified their holdings of the company. Bank of America Corp DE boosted its position in RadNet by 15.1% during the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company's stock worth $32,953,000 after purchasing an additional 77,198 shares in the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of RadNet in the 2nd quarter worth about $1,172,000. Legal & General Group Plc purchased a new stake in shares of RadNet in the 2nd quarter worth about $9,787,000. California State Teachers Retirement System boosted its position in shares of RadNet by 25.4% in the 1st quarter. California State Teachers Retirement System now owns 77,646 shares of the medical research company's stock worth $4,340,000 after buying an additional 15,746 shares in the last quarter. Finally, Van Berkom & Associates Inc. grew its stake in RadNet by 24.9% in the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock valued at $57,488,000 after acquiring an additional 204,858 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

About RadNet

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of ambulatory imaging centers. Its services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray, fluoroscopy and other diagnostic examinations.

The company serves patients, physicians, hospitals and health systems, with operations concentrated in several U.S. markets, including California, Delaware, Maryland, New Jersey and New York.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.