RadNet (NASDAQ:RDNT) Raised to "Hold" at Wall Street Zen

Key Points

• RadNet's stock rating was upgraded from "sell" to "hold" by Wall Street Zen, reflecting improved investor sentiment.
• The company reported a quarterly earnings per share (EPS) of $0.31, surpassing expectations and showing an 8.4% year-over-year revenue increase.
• RadNet currently holds a consensus rating of "Buy" with an average target price of $71.60 from various analysts, indicating strong market confidence.

RadNet (NASDAQ:RDNT - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued to investors on Saturday.

RDNT has been the subject of several other reports. Morgan Stanley upgraded RadNet to an "overweight" rating in a research report on Monday, August 11th. Truist Financial set a $74.00 target price on RadNet in a report on Thursday, July 10th. B. Riley began coverage on RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $75.00 target price (up from $66.00) on shares of RadNet in a report on Wednesday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat.com, RadNet currently has a consensus rating of "Buy" and an average price target of $71.60.

RadNet Trading Down 1.9%

NASDAQ:RDNT traded down $1.30 during midday trading on Friday, hitting $67.45. 1,388,172 shares of the company traded hands, compared to its average volume of 996,862. The firm's fifty day moving average is $57.37 and its 200-day moving average is $55.79. The firm has a market capitalization of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet has a 12-month low of $45.00 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The company had revenue of $498.23 million for the quarter, compared to analyst estimates of $488.06 million. During the same quarter in the previous year, the firm earned $0.16 earnings per share. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. On average, sell-side analysts predict that RadNet will post 0.56 EPS for the current year.

Insider Transactions at RadNet

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction dated 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 sale, the executive vice president 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 Securities & Exchange Commission, which is available at this link. Also, EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the transaction, the executive vice president owned 86,774 shares in the company, valued at approximately $5,927,531.94. The trade was a 16.38% decrease in their position. The disclosure for this sale can be found here. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On RadNet

Several hedge funds have recently bought and sold shares of RDNT. Public Sector Pension Investment Board increased its stake in RadNet by 8.9% in the second quarter. Public Sector Pension Investment Board now owns 225,081 shares of the medical research company's stock valued at $12,809,000 after purchasing an additional 18,448 shares during the last quarter. Evergreen Capital Management LLC increased its stake in RadNet by 7.8% in the second quarter. Evergreen Capital Management LLC now owns 4,832 shares of the medical research company's stock valued at $275,000 after purchasing an additional 351 shares during the last quarter. Headlands Technologies LLC increased its stake in RadNet by 292.3% in the second quarter. Headlands Technologies LLC now owns 2,244 shares of the medical research company's stock valued at $128,000 after purchasing an additional 1,672 shares during the last quarter. CANADA LIFE ASSURANCE Co increased its stake in RadNet by 1.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 70,019 shares of the medical research company's stock valued at $3,983,000 after purchasing an additional 1,001 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in RadNet by 323.0% in the second quarter. Tower Research Capital LLC TRC now owns 8,438 shares of the medical research company's stock valued at $480,000 after purchasing an additional 6,443 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

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.