RadNet, Inc. (NASDAQ:RDNT) Receives $69.60 Average PT from Brokerages

Key Points

• RadNet, Inc. (NASDAQ:RDNT) has received a consensus recommendation of "Strong Buy" from six research firms, with an average target price of $69.60 per share.
• Recent insider trading reports indicate that COO Norman R. Hames and EVP Alma Gregory Sorensen sold significant shares of RadNet stock, reflecting a decrease in their ownership.
• Institutional investors and hedge funds own 77.90% of RadNet's stock, with recent activity including purchases and increases in positions by multiple firms.

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) has received a consensus rating of "Strong Buy" from the six analysts that are presently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a buy recommendation and three have assigned a strong buy recommendation to the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $69.60.

RDNT has been the subject of several research reports. B. Riley started coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price target for the company. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a report on Sunday, June 29th. Finally, Truist Financial set a $74.00 price objective on shares of RadNet in a research note on Thursday, July 10th.

Insider Activity

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the completion of the sale, the executive vice president directly owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Norman R. Hames sold 5,536 shares of RadNet stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $60.00, for a total value of $332,160.00. Following the completion of the sale, the chief operating officer owned 249,183 shares of the company's stock, valued at approximately $14,950,980. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 63,447 shares of company stock valued at $3,613,220 in the last three months. Company insiders own 5.60% of the company's stock.

Institutional Trading of RadNet

Hedge funds and other institutional investors have recently modified their holdings of the stock. American Century Companies Inc. increased its stake in RadNet by 507.9% in the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock valued at $63,290,000 after buying an additional 1,063,516 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of RadNet by 81.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock valued at $82,417,000 after acquiring an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in shares of RadNet by 141.7% during the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock valued at $60,404,000 after buying an additional 712,270 shares during the period. Nuveen LLC bought a new stake in RadNet during the 1st quarter valued at approximately $27,422,000. Finally, Ameriprise Financial Inc. grew its holdings in RadNet by 180.6% in the first quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company's stock worth $38,593,000 after purchasing an additional 499,534 shares during the period. Institutional investors own 77.90% of the company's stock.

RadNet Trading Down 0.6%

RadNet stock traded down $0.31 during midday trading on Monday, reaching $55.46. The stock had a trading volume of 782,207 shares, compared to its average volume of 655,422. The firm's fifty day simple moving average is $56.77 and its two-hundred day simple moving average is $56.02. The firm has a market cap of $4.16 billion, a price-to-earnings ratio of -128.97 and a beta of 1.43. RadNet has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01.

About RadNet

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.