RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Key Points

• RadNet has a “Moderate Buy” consensus among nine analysts, with five buy, two strong-buy and two sell ratings; the average 12-month price target is $88.
• The company reported quarterly EPS of $0.29, exceeding the $0.20 consensus estimate, while revenue rose 25% year over year to $622.72 million, above expectations.
• RDNT opened at $77.31, within its 52-week range of $50.82 to $85.84. Insiders own 5.14% of shares, while institutional investors hold 77.90%; recent insider transactions included stock sales by the CEO and a director.

Shares of RadNet, Inc. (NASDAQ:RDNT - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the nine analysts that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, five have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $88.00.

A number of research firms recently weighed in on RDNT. Weiss Ratings restated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Barclays reduced their target price on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating on the stock in a report on Wednesday, May 20th. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Truist Financial increased their price target on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Zacks Research lowered RadNet from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th.

Insider Activity at RadNet

In other news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business's stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by company insiders.

Hedge Funds Weigh In On RadNet

Several hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new stake in RadNet in the 4th quarter worth about $25,000. Allworth Financial LP boosted its position in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after buying an additional 305 shares during the period. Danske Bank A S bought a new position in shares of RadNet during the third quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in shares of RadNet during the fourth quarter valued at approximately $36,000. Finally, Harbour Investments Inc. purchased a new stake in shares of RadNet in the fourth quarter worth approximately $42,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Up 0.5%

RDNT opened at $77.31 on Friday. The company has a market capitalization of $6.08 billion, a PE ratio of -286.32 and a beta of 1.36. The firm has a 50-day simple moving average of $62.87 and a two-hundred day simple moving average of $61.80. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet has a 52 week low of $50.82 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Sunday, August 9th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.09. RadNet had a positive return on equity of 2.64% and a negative net margin of 0.93%.The business had revenue of $622.72 million during the quarter, compared to analysts' expectations of $610.87 million. During the same quarter last year, the business posted $0.31 EPS. The firm's revenue for the quarter was up 25.0% compared to the same quarter last year. Analysts forecast that RadNet will post 0.47 earnings per share for the current fiscal year.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.

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