RadNet, Inc. (NASDAQ:RDNT – Get Free Report) shares gapped up prior to trading on Monday . The stock had previously closed at $58.19, but opened at $63.45. RadNet shares last traded at $59.81, with a volume of 216,446 shares trading hands.
Analysts Set New Price Targets
A number of brokerages recently weighed in on RDNT. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 target price on shares of RadNet in a research note on Tuesday, March 3rd. Barclays lowered their target price on shares of RadNet from $86.00 to $70.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 21st. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $88.14.
Get Our Latest Analysis on RDNT
RadNet Price Performance
RadNet (NASDAQ:RDNT – Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.12). The business had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The company’s revenue was up 22.1% compared to the same quarter last year. During the same period last year, the business posted ($0.50) earnings per share. As a group, equities analysts forecast that RadNet, Inc. will post 0.62 EPS for the current fiscal year.
Insider Activity at RadNet
In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the business. WCM Investment Management LLC increased its stake in shares of RadNet by 32.6% in the third quarter. WCM Investment Management LLC now owns 285,778 shares of the medical research company’s stock worth $21,348,000 after buying an additional 70,244 shares during the period. Mairs & Power Inc. boosted its holdings in RadNet by 68.9% in the third quarter. Mairs & Power Inc. now owns 97,483 shares of the medical research company’s stock valued at $7,429,000 after acquiring an additional 39,752 shares in the last quarter. US Bancorp DE boosted its holdings in RadNet by 485.4% in the third quarter. US Bancorp DE now owns 28,350 shares of the medical research company’s stock valued at $2,161,000 after acquiring an additional 23,507 shares in the last quarter. Penserra Capital Management LLC boosted its holdings in RadNet by 43.4% in the third quarter. Penserra Capital Management LLC now owns 479,077 shares of the medical research company’s stock valued at $36,510,000 after acquiring an additional 144,897 shares in the last quarter. Finally, New York State Teachers Retirement System boosted its holdings in RadNet by 53.1% in the third quarter. New York State Teachers Retirement System now owns 30,855 shares of the medical research company’s stock valued at $2,351,000 after acquiring an additional 10,700 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.
RadNet Company Profile
RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.
Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.
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