RadNet (NASDAQ:RDNT) Hits New 52-Week Low - What's Next?

Shares of RadNet, Inc. (NASDAQ:RDNT - Get Free Report) hit a new 52-week low on Monday . The company traded as low as $45.00 and last traded at $47.34, with a volume of 753 shares trading hands. The stock had previously closed at $48.70.

Analyst Ratings Changes

Several research analysts recently weighed in on RDNT shares. StockNews.com raised RadNet to a "sell" rating in a research report on Wednesday, March 19th. Truist Financial dropped their target price on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. Barclays dropped their price objective on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Finally, Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and cut their price target for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $69.75.

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RadNet Stock Performance

The stock's 50-day moving average price is $54.22 and its 200 day moving average price is $65.67. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a market cap of $3.95 billion, a P/E ratio of -762.89 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The firm had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. As a group, research analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Transactions at RadNet

In related news, COO Norman R. Hames sold 5,000 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total transaction of $251,100.00. Following the transaction, the chief operating officer now directly owns 251,959 shares in the company, valued at $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at $3,101,957.10. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 over the last three months. 5.12% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. HighTower Advisors LLC lifted its holdings in RadNet by 1.8% during the 3rd quarter. HighTower Advisors LLC now owns 7,861 shares of the medical research company's stock valued at $545,000 after purchasing an additional 136 shares during the last quarter. State Street Corp raised its stake in shares of RadNet by 1.3% in the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company's stock valued at $169,740,000 after acquiring an additional 30,244 shares during the last quarter. Wolverine Trading LLC raised its stake in shares of RadNet by 28.6% in the third quarter. Wolverine Trading LLC now owns 4,502 shares of the medical research company's stock valued at $312,000 after acquiring an additional 1,002 shares during the last quarter. Barclays PLC boosted its holdings in shares of RadNet by 373.8% in the 3rd quarter. Barclays PLC now owns 116,978 shares of the medical research company's stock worth $8,118,000 after acquiring an additional 92,291 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in RadNet by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company's stock worth $107,936,000 after acquiring an additional 11,613 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.