RadNet (NASDAQ:RDNT) Share Price Passes Above 200-Day Moving Average - Here's Why

Key Points

• RadNet shares rose above their 200-day moving average of $62.76, reaching as high as $76.45 before last trading at $72.67.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $90.00; recent targets include $94 from Truist and $79 from Barclays.
• RadNet exceeded quarterly expectations, reporting $0.29 in earnings per share versus $0.20 expected and revenue of $622.72 million, up 25% year over year.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $62.76 and traded as high as $76.45. RadNet shares last traded at $72.67, with a volume of 796,169 shares.

Wall Street Analysts Forecast Growth

Several research firms have commented on RDNT. Truist Financial upped their price objective on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Barclays lifted their target price on shares of RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, August 28th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, RadNet currently has a consensus rating of "Moderate Buy" and an average target price of $90.00.

RadNet Stock Down 4.4%

The firm has a market cap of $5.72 billion, a price-to-earnings ratio of -269.14 and a beta of 1.41. The business has a fifty day simple moving average of $71.00 and a 200 day simple moving average of $62.76. The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping the consensus estimate 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 period last year, the firm posted $0.31 earnings per share. The company's revenue for the quarter 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 Trading of RadNet

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of RadNet in the 2nd quarter valued at $675,768,000. JB Capital Partners LP purchased a new stake in RadNet in the second quarter valued at $87,821,842. Bamco Inc. NY acquired a new position in RadNet in the second quarter valued at $77,765,000. Punch & Associates Investment Management Inc. purchased a new position in shares of RadNet during the second quarter worth about $39,054,000. Finally, Deutsche Bank AG purchased a new position in shares of RadNet during the second quarter worth about $30,586,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Company Profile

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of imaging centers and affiliated facilities. Its services support the diagnosis and monitoring of a wide range of medical conditions and are generally provided on an outpatient basis, outside of traditional hospital settings.

The company's imaging offerings include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray and other diagnostic procedures.

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