Truist Financial Cuts RadNet (NASDAQ:RDNT) Price Target to $74.00

RadNet (NASDAQ:RDNT - Get Free Report) had its price target cut by investment analysts at Truist Financial from $88.00 to $74.00 in a report issued on Friday,Benzinga reports. The firm currently has a "buy" rating on the medical research company's stock. Truist Financial's price objective would suggest a potential upside of 38.68% from the stock's previous close.

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

Remove Ads

RadNet Stock Down 0.1 %

Shares of RadNet stock traded down $0.05 during trading hours on Friday, hitting $53.36. The company had a trading volume of 414,505 shares, compared to its average volume of 653,188. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. RadNet has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a market cap of $3.95 billion, a P/E ratio of -762.18 and a beta of 1.59. The company's 50-day moving average is $54.22 and its two-hundred day moving average is $65.65.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating 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 business had revenue of $477.10 million during the quarter, compared to the consensus estimate of $459.42 million. Analysts anticipate that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Cornelis Wesdorp sold 2,000 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the transaction, the chief executive officer now owns 58,995 shares of the company's stock, valued at approximately $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. Also, COO Norman R. Hames sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the transaction, the chief operating officer now owns 261,959 shares in the company, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,000 shares of company stock valued at $1,926,730. Insiders own 5.12% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. USA Financial Formulas acquired a new stake in shares of RadNet during the fourth quarter worth $30,000. Fifth Third Bancorp raised its holdings in RadNet by 84.3% during 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. Smartleaf Asset Management LLC lifted its holdings in shares of RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock valued at $96,000 after buying an additional 1,063 shares during the period. Tower Research Capital LLC TRC raised its position in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after acquiring an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in RadNet during the fourth quarter valued at approximately $105,000. 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.