RadNet, Inc. (NASDAQ:RDNT) Receives Average Recommendation of "Strong Buy" from Analysts

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) has been given a consensus rating of "Strong Buy" by the six ratings firms that are currently covering the company, Marketbeat reports. Three analysts have rated the stock with a buy rating and three have given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $69.60.

Several research analysts recently weighed in on the stock. Truist Financial set a $74.00 price objective on shares of RadNet in a research note on Thursday. Wall Street Zen lowered shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Barclays dropped their target price on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Finally, B. Riley assumed coverage on shares of RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock.

Insider Activity at RadNet

In other news, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president directly owned 1,160,509 shares in the company, valued at $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 2,911 shares of RadNet stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $174,660.00. Following the completion of the sale, the chief operating officer owned 24,889 shares in the company, valued at $1,493,340. This trade represents a 10.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 63,447 shares of company stock worth $3,613,220 over the last 90 days. Corporate insiders own 5.60% of the company's stock.

Institutional Trading of RadNet

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its holdings in shares of RadNet by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company's stock valued at $518,577,000 after purchasing an additional 71,910 shares during the last quarter. Beck Mack & Oliver LLC raised its holdings in shares of RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company's stock valued at $163,104,000 after purchasing an additional 211,570 shares during the last quarter. RTW Investments LP raised its holdings in shares of RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after purchasing an additional 169,978 shares during the last quarter. Invesco Ltd. raised its holdings in shares of RadNet by 4.3% in the fourth quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock valued at $120,898,000 after purchasing an additional 70,673 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of RadNet by 14.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock valued at $85,511,000 after purchasing an additional 213,280 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Trading Down 3.5%

RadNet stock traded down $2.02 during midday trading on Thursday, hitting $55.48. 421,167 shares of the stock were exchanged, compared to its average volume of 683,487. The company has a fifty day simple moving average of $57.05 and a two-hundred day simple moving average of $57.55. RadNet has a 52 week low of $45.00 and a 52 week high of $93.65. The stock has a market capitalization of $4.16 billion, a PE ratio of -129.02 and a beta of 1.41. The company has a quick ratio of 2.01, a current ratio of 2.01 and a debt-to-equity ratio of 0.87.

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.