RadNet, Inc. (NASDAQ:RDNT) Given Average Rating of "Buy" by Analysts

Key Points

• RadNet, Inc. has received a consensus recommendation of "Buy" from eight analysts, with an average target price of $71.60.
• Recent insider trading includes CEO Cornelis Wesdorp selling 1,500 shares, while insider Ranjan Jayanathan sold 65,598 shares, representing significant ownership decreases.
• In its latest earnings report, RadNet reported earnings of $0.31 per share, exceeding analysts' expectations of $0.17, and recorded a revenue increase of 8.4% year-over-year.

Shares of RadNet, Inc. (NASDAQ:RDNT - Get Free Report) have been assigned an average rating of "Buy" from the eight brokerages that are currently covering the firm, MarketBeat reports. One analyst has rated the stock with a hold rating, four have issued a buy rating and three have given a strong buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $71.60.

Several research firms have recently issued reports on RDNT. Wall Street Zen raised RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Finally, Truist Financial set a $74.00 price target on shares of RadNet in a research report on Thursday, July 10th.

Insider Buying and Selling at RadNet

In other RadNet news, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the transaction, the executive vice president directly owned 86,774 shares in the company, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the company's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares of the company's stock, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 89,098 shares of company stock valued at $6,045,105. Insiders own 5.60% of the company's stock.

Institutional Investors Weigh In On RadNet

Several large investors have recently modified their holdings of RDNT. Headlands Technologies LLC acquired a new stake in shares of RadNet during the first quarter worth $28,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of RadNet during the second quarter worth $35,000. State of Wyoming acquired a new stake in shares of RadNet during the second quarter worth $58,000. GAMMA Investing LLC boosted its stake in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after acquiring an additional 300 shares in the last quarter. Finally, Family Legacy Financial Solutions LLC bought a new position in RadNet during the second quarter worth $85,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

RadNet stock traded down $0.03 during mid-day trading on Friday, reaching $71.76. The company had a trading volume of 627,715 shares, compared to its average volume of 1,048,944. The business has a fifty day simple moving average of $59.87 and a 200 day simple moving average of $56.17. The company has a market cap of $5.52 billion, a P/E ratio of -358.78 and a beta of 1.54. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet has a fifty-two week low of $45.00 and a fifty-two week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet's revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 EPS. On average, equities research analysts predict that RadNet will post 0.56 earnings per share for the current 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.