B. Riley upgraded shares of RadNet (NASDAQ:RDNT - Free Report) from a buy rating to a strong-buy rating in a research note issued to investors on Thursday morning, MarketBeat.com reports.
Other equities analysts have also issued reports about the stock. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Barclays decreased their price target 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. Truist Financial lowered their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, Wall Street Zen lowered RadNet from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. One analyst has rated the stock with a sell rating, three have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, RadNet presently has a consensus rating of "Buy" and an average target price of $69.60.
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RadNet Stock Performance
Shares of NASDAQ:RDNT traded down $0.87 during midday trading on Thursday, reaching $56.56. 483,373 shares of the company traded hands, compared to its average volume of 690,249. The firm's fifty day moving average price is $55.18 and its two-hundred day moving average price is $60.09. The firm has a market capitalization of $4.24 billion, a price-to-earnings ratio of -807.88 and a beta of 1.43. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet has a 12 month low of $45.00 and a 12 month high of $93.65.
Insider Buying and Selling at RadNet
In other RadNet 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 transaction of $3,106,400.00. Following the transaction, the executive vice president now directly owns 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. This trade represents a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO Norman R. Hames sold 5,536 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $60.00, for a total transaction of $332,160.00. Following the completion of the sale, the chief operating officer now owns 249,183 shares of the company's stock, valued at approximately $14,950,980. The trade was a 2.17% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,447 shares of company stock worth $3,864,320 over the last 90 days. Corporate insiders own 5.60% of the company's stock.
Hedge Funds Weigh In On RadNet
A number of large investors have recently added to or reduced their stakes in the business. Summit Investment Advisors Inc. boosted its holdings in RadNet by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock valued at $483,000 after acquiring an additional 219 shares in the last quarter. Moran Wealth Management LLC lifted its position in shares of RadNet by 2.2% in the 1st quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock worth $529,000 after purchasing an additional 225 shares during the period. Xponance Inc. boosted its stake in shares of RadNet by 5.0% during the 1st quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock valued at $249,000 after purchasing an additional 239 shares in the last quarter. Summit Financial LLC increased its position in shares of RadNet by 2.4% during the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock valued at $776,000 after buying an additional 262 shares during the period. Finally, GAMMA Investing LLC raised its stake in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.
About RadNet
(
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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.
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