RadNet (NASDAQ:RDNT) Shares Up 4.3% - What's Next?

RadNet, Inc. (NASDAQ:RDNT - Get Free Report) was up 4.3% during mid-day trading on Friday . The stock traded as high as $57.42 and last traded at $57.57. Approximately 313,189 shares were traded during mid-day trading, a decline of 54% from the average daily volume of 685,520 shares. The stock had previously closed at $55.19.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RDNT. Barclays decreased their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a report on Monday, March 24th. Raymond James raised shares of 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 report on Wednesday, March 5th. Truist Financial lowered their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a report on Friday, April 11th. Finally, Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One research analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, RadNet presently has a consensus rating of "Buy" and an average price target of $69.75.

RadNet Stock Performance

The stock has a fifty day moving average price of $53.55 and a two-hundred day moving average price of $61.75. The company has a market cap of $4.40 billion, a P/E ratio of -838.45 and a beta of 1.46. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The firm had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, equities analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the business's stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the transaction, the executive vice president now owns 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares in the company, valued at $3,101,957.10. This trade represents a 3.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 101,447 shares of company stock valued at $5,539,950 in the last 90 days. 5.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RadNet

A number of hedge funds and other institutional investors have recently made changes to their positions in RDNT. American Century Companies Inc. raised its holdings in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock worth $63,290,000 after buying an additional 1,063,516 shares during the period. Norges Bank acquired a new stake in shares of RadNet during the fourth quarter worth $56,381,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock worth $82,417,000 after acquiring an additional 743,922 shares during the period. Alyeska Investment Group L.P. lifted its position in 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 valued at $60,404,000 after acquiring an additional 712,270 shares in the last quarter. Finally, Nuveen LLC acquired a new position in RadNet in the 1st quarter worth $27,422,000. 77.90% of the stock is owned by institutional investors.

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.