Barclays Raises RadNet (NASDAQ:RDNT) Price Target to $51.00

RadNet (NASDAQ:RDNT) had its price objective increased by equities researchers at Barclays from $48.00 to $51.00 in a report issued on Wednesday, Benzinga reports. The firm presently has an “equal weight” rating on the medical research company’s stock. Barclays‘s price target would suggest a potential downside of 9.28% from the stock’s current price.

A number of other equities research analysts have also recently issued reports on the company. StockNews.com cut RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Jefferies Financial Group upped their price target on RadNet from $47.00 to $58.00 and gave the company a “buy” rating in a research report on Friday, March 22nd. Raymond James upped their price target on RadNet from $50.00 to $60.00 and gave the company an “outperform” rating in a research report on Friday, May 10th. Finally, Truist Financial reiterated a “buy” rating and set a $63.00 price target (up from $55.00) on shares of RadNet in a research report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $58.00.

RadNet Stock Performance

Shares of NASDAQ RDNT traded down $0.47 during mid-day trading on Wednesday, reaching $56.22. 437,519 shares of the company’s stock were exchanged, compared to its average volume of 535,142. The firm has a market capitalization of $4.15 billion, a price-to-earnings ratio of 187.40 and a beta of 1.75. RadNet has a 52 week low of $25.11 and a 52 week high of $64.06. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.86 and a quick ratio of 1.86. The firm has a 50-day moving average price of $57.72 and a two-hundred day moving average price of $47.48.

RadNet (NASDAQ:RDNT) last released its earnings results on Wednesday, May 8th. The medical research company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.16. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The company had revenue of $431.70 million for the quarter, compared to analysts’ expectations of $421.72 million. During the same period in the previous year, the business posted ($0.08) EPS. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. Analysts predict that RadNet will post 0.59 EPS for the current year.

Insiders Place Their Bets

In other news, EVP David Jeffrey Katz sold 16,400 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the completion of the sale, the executive vice president now owns 65,441 shares of the company’s stock, valued at $4,008,915.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP David Jeffrey Katz sold 16,400 shares of the stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the completion of the sale, the executive vice president now owns 65,441 shares of the company’s stock, valued at $4,008,915.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Christine Nayoma Gordon sold 3,000 shares of the stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $61.30, for a total value of $183,900.00. Following the sale, the director now directly owns 12,379 shares of the company’s stock, valued at approximately $758,832.70. The disclosure for this sale can be found here. Insiders sold a total of 99,730 shares of company stock valued at $6,121,516 over the last quarter. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Institutional investors have recently made changes to their positions in the stock. Cerity Partners LLC bought a new position in shares of RadNet during the fourth quarter valued at approximately $5,871,000. Vanguard Group Inc. raised its holdings in shares of RadNet by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock valued at $147,937,000 after acquiring an additional 32,483 shares in the last quarter. RTW Investments LP bought a new position in shares of RadNet during the fourth quarter valued at approximately $23,073,000. Victory Capital Management Inc. lifted its position in RadNet by 193.7% during the fourth quarter. Victory Capital Management Inc. now owns 256,039 shares of the medical research company’s stock valued at $8,902,000 after buying an additional 168,857 shares during the period. Finally, Hsbc Holdings PLC lifted its position in RadNet by 13.8% during the fourth quarter. Hsbc Holdings PLC now owns 242,160 shares of the medical research company’s stock valued at $8,487,000 after buying an additional 29,372 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

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.