Truist Financial Issues Pessimistic Forecast for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT - Get Free Report) had its price target cut by equities research analysts at Truist Financial from $88.00 to $74.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the medical research company's stock. Truist Financial's price objective suggests a potential upside of 45.24% from the stock's current price.

RDNT has been the subject of a number of other research reports. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Jefferies Financial Group cut their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a report on Wednesday, January 15th. Barclays decreased their price objective on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. Finally, StockNews.com raised shares of RadNet to a "sell" rating in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, RadNet has an average rating of "Buy" and an average price target of $69.75.

RadNet Trading Down 4.0 %

Shares of NASDAQ RDNT traded down $2.13 during trading hours on Friday, hitting $50.95. 1,072,764 shares of the company traded hands, compared to its average volume of 655,098. The stock has a market capitalization of $3.77 billion, a price-to-earnings ratio of -727.75 and a beta of 1.59. The company's 50 day moving average price is $53.71 and its 200 day moving average price is $65.45. RadNet has a 12 month low of $45.00 and a 12 month high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating analysts' consensus estimates 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 research analysts anticipate that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of RadNet stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now owns 55,995 shares in the company, valued at $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total value of $251,100.00. Following the sale, the chief operating officer now owns 251,959 shares in the company, valued at $12,653,380.98. This represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,000 shares of company stock valued at $1,926,730. Insiders own 5.12% of the company's stock.

Hedge Funds Weigh In On RadNet

Hedge funds and other institutional investors have recently bought and sold shares of the stock. USA Financial Formulas bought a new position in shares of RadNet in the fourth quarter worth $30,000. Fifth Third Bancorp lifted its position in shares of RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after purchasing an additional 305 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of 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 acquiring an additional 300 shares during the last quarter. Smartleaf Asset Management LLC increased its stake in shares of RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after acquiring an additional 422 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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.