RadNet (NASDAQ:RDNT) Coverage Initiated at B. Riley

B. Riley assumed coverage on shares of RadNet (NASDAQ:RDNT - Free Report) in a report issued on Friday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $69.00 target price on the medical research company's stock.

RDNT has been the subject of a number of other reports. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and decreased their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays decreased their target price on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research report on Monday, March 24th. Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Finally, Truist Financial reduced their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, RadNet has an average rating of "Buy" and a consensus price target of $69.60.

RadNet Stock Up 3.6%

RadNet stock traded up $2.02 during midday trading on Friday, hitting $57.43. 884,400 shares of the stock were exchanged, compared to its average volume of 691,077. RadNet has a 1 year low of $45.00 and a 1 year high of $93.65. The firm has a market cap of $4.31 billion, a P/E ratio of -820.31 and a beta of 1.43. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a 50 day moving average price of $54.99 and a two-hundred day moving average price of $60.26.

Insider Buying and Selling

In other news, COO Norman R. Hames sold 5,536 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $60.00, for a total transaction of $332,160.00. Following the completion of the transaction, the chief operating officer now owns 249,183 shares in the company, valued at approximately $14,950,980. This represents a 2.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet stock in a transaction dated Friday, May 23rd. The shares were 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 now owns 1,160,509 shares in the company, valued at approximately $65,545,548.32. This represents a 4.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,447 shares of company stock worth $3,864,320 in the last three months. 5.60% of the stock is owned by insiders.

Hedge Funds Weigh In On RadNet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake 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 worth $518,577,000 after purchasing an additional 71,910 shares in the last quarter. Beck Mack & Oliver LLC raised its position in shares of RadNet by 6.9% during the 1st quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company's stock worth $163,104,000 after buying an additional 211,570 shares in the last quarter. RTW Investments LP raised its position in shares of RadNet by 9.4% during the 4th quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock worth $138,184,000 after buying an additional 169,978 shares in the last quarter. Invesco Ltd. lifted its stake in shares of RadNet by 4.3% in the 4th quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock worth $120,898,000 after acquiring an additional 70,673 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted 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 acquiring an additional 213,280 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.