RadNet (NASDAQ:RDNT) Trading 3.4% Higher - Here's Why

RadNet, Inc. (NASDAQ:RDNT - Get Free Report)'s stock price traded up 3.4% during mid-day trading on Friday . The company traded as high as $67.37 and last traded at $67.23. 48,750 shares changed hands during trading, a decline of 91% from the average session volume of 551,241 shares. The stock had previously closed at $64.99.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Barclays upgraded RadNet from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Jefferies Financial Group boosted their target price on RadNet from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. Truist Financial boosted their target price on RadNet from $70.00 to $80.00 and gave the stock a "buy" rating in a report on Monday, September 23rd. Finally, Sidoti upgraded RadNet to a "strong-buy" rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $74.75.

RadNet Price Performance

The company has a debt-to-equity ratio of 0.92, a current ratio of 2.12 and a quick ratio of 2.12. The company has a 50-day simple moving average of $64.89 and a two-hundred day simple moving average of $58.87. The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of 489.86 and a beta of 1.74.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a return on equity of 4.30% and a net margin of 0.58%. The company had revenue of $459.70 million during the quarter, compared to analyst estimates of $438.53 million. During the same period in the prior year, the business earned $0.24 earnings per share. RadNet's quarterly revenue was up 13.9% on a year-over-year basis. On average, equities research analysts predict that RadNet, Inc. will post 0.6 earnings per share for the current year.

Insider Activity at RadNet

In related news, EVP Michael N. Murdock sold 15,000 shares of RadNet stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total transaction of $941,700.00. Following the sale, the executive vice president now directly owns 48,144 shares in the company, valued at $3,022,480.32. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.12% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC grew its holdings in RadNet by 774.2% during the second quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company's stock worth $50,000 after acquiring an additional 751 shares during the period. GAMMA Investing LLC grew its holdings in RadNet by 74.7% during the second quarter. GAMMA Investing LLC now owns 865 shares of the medical research company's stock worth $51,000 after acquiring an additional 370 shares during the period. Profund Advisors LLC acquired a new position in RadNet during the second quarter worth about $207,000. SG Americas Securities LLC grew its holdings in RadNet by 8.7% during the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company's stock worth $177,000 after acquiring an additional 291 shares during the period. Finally, Mackenzie Financial Corp acquired a new position in RadNet during the second quarter worth about $218,000. 77.90% of the stock is owned by institutional investors and hedge funds.

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.