Raymond James upgraded shares of RadNet (NASDAQ:RDNT - Free Report) from an outperform rating to a strong-buy rating in a research note issued to investors on Wednesday morning, MarketBeat.com reports. They currently have $65.00 target price on the medical research company's stock, down from their prior target price of $85.00.
Several other brokerages have also recently weighed in on RDNT. Jefferies Financial Group reduced their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, January 15th. Barclays lowered their price target on RadNet from $85.00 to $74.00 and set an "overweight" rating for the company in a report on Wednesday, January 22nd. Finally, Truist Financial reiterated a "buy" rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, RadNet currently has a consensus rating of "Buy" and an average price target of $76.75.
Read Our Latest Stock Report on RDNT
RadNet Price Performance
Shares of RDNT stock traded down $1.27 during trading hours on Wednesday, hitting $50.31. The stock had a trading volume of 1,115,940 shares, compared to its average volume of 881,878. RadNet has a one year low of $42.45 and a one year high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The stock's 50-day moving average price is $63.31 and its two-hundred day moving average price is $68.63. The stock has a market capitalization of $3.73 billion, a price-to-earnings ratio of -718.61 and a beta of 1.85.
RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The firm had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. Equities analysts forecast that RadNet will post 0.56 EPS for the current year.
Insider Transactions at RadNet
In related news, CEO Cornelis Wesdorp sold 2,000 shares of the firm's stock in a transaction 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 transaction, the chief executive officer now owns 58,995 shares in the company, valued at $3,101,957.10. This trade represents a 3.28 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 5.12% of the company's stock.
Hedge Funds Weigh In On RadNet
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDNT. Norges Bank purchased a new position in RadNet in the 4th quarter worth $56,381,000. Raymond James Financial Inc. purchased a new position in RadNet in the 4th quarter worth $33,090,000. T. Rowe Price Investment Management Inc. raised its stake in shares of RadNet by 79.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after buying an additional 404,241 shares during the last quarter. Portolan Capital Management LLC raised its stake in shares of RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company's stock valued at $34,095,000 after buying an additional 390,011 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in shares of RadNet by 7,219.2% during the 4th quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock valued at $27,189,000 after buying an additional 383,989 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.
RadNet Company Profile
(
Get Free Report)
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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