RadNet (NASDAQ:RDNT) Stock Crosses Above 200 Day Moving Average - Should You Sell?

Key Points

• RadNet shares moved above their 200-day moving average, reaching $69.70 before last trading at $67.70, compared with the 200-day average of $63.20.
• Analyst sentiment is broadly positive: RadNet has a consensus rating of “Moderate Buy” and a $90 average price target, with recent targets ranging from $79 to $94.
• The company beat quarterly earnings and revenue estimates, reporting $0.29 EPS and $622.72 million in revenue, while revenue increased 25% year over year. Institutional investors own 77.9% of the stock, although RadNet continues to report a slightly negative net margin.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) shares crossed above its two hundred day moving average during trading on Thursday. The stock has a two hundred day moving average of $63.20 and traded as high as $69.70. RadNet shares last traded at $67.70, with a volume of 928,736 shares changing hands.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RDNT shares. Raymond James Financial reiterated a "strong-buy" rating on shares of RadNet in a research report on Tuesday, September 22nd. 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. Truist Financial upped their target price on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of RadNet in a report on Friday, July 31st. 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $90.00.

RadNet Trading Down 1.8%

The stock has a market capitalization of $5.33 billion, a P/E ratio of -250.73 and a beta of 1.41. The stock's fifty day moving average price is $72.52 and its two-hundred day moving average price is $63.20. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94.

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

Institutional Investors Weigh In On RadNet

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

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