RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Rating of “Buy” from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have been given an average rating of “Buy” by the eight brokerages that are presently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a buy recommendation and three have issued a strong buy recommendation on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $76.80.

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a “sell (d)” rating on shares of RadNet in a research note on Wednesday, October 8th. Morgan Stanley upgraded RadNet to an “overweight” rating in a report on Monday, August 11th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday. Finally, Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th.

RadNet Trading Down 0.6%

Shares of NASDAQ RDNT opened at $76.93 on Friday. RadNet has a 1 year low of $45.00 and a 1 year high of $93.65. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a 50-day moving average of $72.84 and a 200 day moving average of $61.31. The stock has a market cap of $5.92 billion, a P/E ratio of -384.63 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last announced its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.14. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter last year, the firm earned $0.16 earnings per share. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, sell-side analysts expect that RadNet will post 0.56 EPS for the current fiscal year.

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 65,598 shares of the business’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the transaction, the insider directly owned 138,198 shares in the company, valued at $9,328,365. The trade was a 32.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the transaction, the executive vice president directly owned 86,774 shares in the company, valued at $5,927,531.94. This trade represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 135,098 shares of company stock valued at $9,430,715 over the last ninety days. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

Hedge funds have recently bought and sold shares of the business. American Century Companies Inc. boosted its holdings in shares of RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after acquiring an additional 1,063,516 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in RadNet by 81.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock worth $82,417,000 after purchasing an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. grew its position in RadNet by 141.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock worth $60,404,000 after purchasing an additional 712,270 shares during the period. Ameriprise Financial Inc. grew its position in RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock worth $79,364,000 after purchasing an additional 618,392 shares during the period. Finally, Nuveen LLC bought a new position in shares of RadNet during the 1st quarter valued at $27,422,000. 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.