Truist Financial Forecasts Strong Price Appreciation for RadNet (NASDAQ:RDNT) Stock

Key Points

• Truist Financial has raised its price target for RadNet (NASDAQ:RDNT) from $74.00 to $81.00, indicating a potential upside of 15.20% based on the stock's previous close.
• RadNet's most recent quarterly earnings report showed an EPS of $0.31, surpassing analyst expectations of $0.17 and reflecting a revenue increase of 8.4% year-over-year.
• Insiders have significantly sold shares recently, with a notable sale by Ranjan Jayanathan of 65,598 shares at an average price of $67.50, indicating a 32.19% decrease in their ownership.

RadNet (NASDAQ:RDNT - Get Free Report) had its price target increased by Truist Financial from $74.00 to $81.00 in a report released on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the medical research company's stock. Truist Financial's price target points to a potential upside of 15.20% from the stock's previous close.

A number of other brokerages also recently commented on RDNT. Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 price target (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Morgan Stanley raised shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, B. Riley assumed coverage on shares of RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $73.00.

RadNet Stock Down 2.0%

RDNT stock opened at $70.31 on Wednesday. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. RadNet has a one year low of $45.00 and a one year high of $93.65. The company has a fifty day moving average of $60.50 and a 200-day moving average of $56.34. The stock has a market capitalization of $5.41 billion, a PE ratio of -351.53 and a beta of 1.54.

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

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 65,598 shares of RadNet stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total transaction of $100,470.00. Following the completion of the sale, the chief executive officer owned 54,495 shares of the company's stock, valued at approximately $3,650,075.10. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 89,098 shares of company stock worth $6,045,105 in the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

Institutional Trading of RadNet

Several institutional investors have recently added to or reduced their stakes in the business. Beck Mack & Oliver LLC increased its stake in RadNet by 6.9% during the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company's stock valued at $163,104,000 after purchasing an additional 211,570 shares during the last quarter. RTW Investments LP increased its stake in RadNet by 9.4% during the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after purchasing an additional 169,978 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of RadNet by 6.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company's stock worth $100,203,000 after acquiring an additional 112,284 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position 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 last quarter. Finally, Geode Capital Management LLC grew its position in shares of RadNet by 2.3% during the second quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company's stock worth $93,354,000 after acquiring an additional 37,403 shares during the last quarter. 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.

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