RadNet (NASDAQ:RDNT) Sees Strong Trading Volume – Time to Buy?

Shares of RadNet, Inc. (NASDAQ:RDNT) saw an uptick in trading volume on Wednesday . 403,920 shares were traded during trading, a decline of 25% from the previous session’s volume of 538,614 shares.The stock last traded at $59.15 and had previously closed at $65.65.

Analysts Set New Price Targets

RDNT has been the topic of several research analyst reports. Sidoti upgraded shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Jefferies Financial Group boosted their target price on RadNet from $82.00 to $100.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Truist Financial raised their price target on RadNet from $80.00 to $94.00 and gave the company a “buy” rating in a report on Friday, November 29th. Finally, Barclays upped their price objective on RadNet from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $84.75.

RadNet Stock Performance

The firm has a market capitalization of $4.53 billion, a PE ratio of -874.02 and a beta of 1.79. 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 business has a 50-day simple moving average of $76.38 and a 200-day simple moving average of $68.59.

Insiders Place Their Bets

In other RadNet news, EVP David Jeffrey Katz sold 12,300 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total value of $1,004,295.00. Following the transaction, the executive vice president now owns 62,909 shares of the company’s stock, valued at $5,136,519.85. This represents a 16.35 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Ranjan Jayanathan sold 38,557 shares of the business’s stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the sale, the insider now directly owns 192,724 shares of the company’s stock, valued at $15,417,920. This represents a 16.67 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

Institutional Trading of RadNet

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp raised its position in RadNet by 1.3% during the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after purchasing an additional 30,244 shares in the last quarter. Geode Capital Management LLC lifted its stake in RadNet by 0.8% in the third 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 period. Principal Financial Group Inc. grew its holdings in RadNet by 8.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after acquiring an additional 118,501 shares in the last quarter. JB Capital Partners LP grew its holdings in RadNet by 15.9% during the 3rd quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock worth $104,367,000 after acquiring an additional 206,850 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its holdings in shares of RadNet by 11.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company’s stock valued at $78,539,000 after purchasing an additional 119,875 shares in the last quarter. 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.