RadNet (NASDAQ:RDNT) Stock Crosses Above Two Hundred Day Moving Average Following Analyst Downgrade

RadNet, Inc. (NASDAQ:RDNTGet Free Report)’s stock price crossed above its two hundred day moving average during trading on Monday after KeyCorp upgraded the stock to a strong-buy rating. The stock has a two hundred day moving average of $62.99 and traded as high as $66.41. RadNet shares last traded at $63.31, with a volume of 577,448 shares traded.

Other equities research analysts also recently issued research reports about the company. B. Riley Financial increased their target price on RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. The Goldman Sachs Group upgraded RadNet to a “buy” rating in a research report on Tuesday, December 16th. Zacks Research lowered RadNet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a report on Thursday, December 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.43.

Read Our Latest Report on RDNT

Insider Activity

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the transaction, the chief executive officer directly owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares in the company, valued at $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 5.60% of the company’s stock.

Institutional Trading of RadNet

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC grew its position in RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after acquiring an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of RadNet by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock worth $1,956,000 after purchasing an additional 1,699 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after purchasing an additional 1,448 shares in the last quarter. United Services Automobile Association bought a new position in shares of RadNet during the 1st quarter valued at about $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after purchasing an additional 8,762 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Trading Down 2.2%

The stock has a fifty day moving average of $57.74 and a two-hundred day moving average of $62.92. The company has a market capitalization of $4.83 billion, a PE ratio of -341.15 and a beta of 1.37. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNTGet Free Report) last issued its earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.50) EPS. As a group, sell-side analysts anticipate that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

About RadNet

(Get Free Report)

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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