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

Shares of RadNet, Inc. (NASDAQ:RDNT - Get Free Report) have been given a consensus recommendation of "Strong Buy" by the six brokerages that are currently covering the stock, 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 1-year target price among analysts that have issued a report on the stock in the last year is $69.60.

RDNT has been the subject of several recent analyst reports. Barclays dropped their target price on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, March 24th. B. Riley assumed coverage on RadNet in a research note on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective for the company. Wall Street Zen cut RadNet from a "hold" rating to a "sell" rating in a research report on Sunday, June 29th. Finally, Truist Financial set a $74.00 price target on RadNet in a report on Thursday.

Insider Activity at RadNet

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the business's stock in a transaction 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 owned 1,160,509 shares in the company, valued at approximately $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 5,536 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the sale, the chief operating officer directly owned 249,183 shares in the company, valued at approximately $14,950,980. The trade was a 2.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 63,447 shares of company stock valued at $3,613,220 in the last 90 days. 5.60% of the stock is currently owned by company insiders.

Institutional Trading of RadNet

A number of large investors have recently made changes to their positions in RDNT. American Century Companies Inc. grew its position in RadNet by 507.9% in the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock worth $63,290,000 after acquiring an additional 1,063,516 shares in the last quarter. Norges Bank bought a new stake in shares of RadNet in the 4th quarter valued at approximately $56,381,000. 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 purchasing an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in shares of RadNet by 141.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock worth $60,404,000 after purchasing an additional 712,270 shares during the period. Finally, Nuveen LLC bought a new position in shares of RadNet during the 1st quarter valued at approximately $27,422,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Performance

RadNet stock traded down $0.12 during mid-day trading on Thursday, reaching $57.50. 485,551 shares of the stock traded hands, compared to its average volume of 684,793. RadNet has a 12-month low of $45.00 and a 12-month high of $93.65. The business's 50-day moving average is $57.00 and its 200-day moving average is $57.68. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.01 and a quick ratio of 2.01. The stock has a market capitalization of $4.31 billion, a PE ratio of -133.72 and a beta of 1.41.

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.