Barclays Has Lowered Expectations for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its price objective cut by Barclays from $86.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the medical research company’s stock. Barclays‘s price target would suggest a potential upside of 20.77% from the stock’s previous close.

A number of other equities analysts have also commented on the company. UBS Group set a $92.00 price objective on RadNet in a research note on Friday, January 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. Jefferies Financial Group reissued a “buy” rating and set a $91.00 target price on shares of RadNet in a research note on Tuesday, March 3rd. Finally, KeyCorp raised shares of RadNet to a “strong-buy” rating in a research note on Friday, January 9th. Two equities research 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 issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $88.14.

RadNet Price Performance

RDNT traded up $0.11 on Tuesday, reaching $57.96. The stock had a trading volume of 95,098 shares, compared to its average volume of 801,788. RadNet has a fifty-two week low of $47.21 and a fifty-two week high of $85.84. The firm has a 50-day moving average of $62.88 and a 200-day moving average of $71.20. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of -231.85 and a beta of 1.53.

RadNet (NASDAQ:RDNT) last issued its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.04. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.91%.The business had revenue of $547.71 million during the quarter, compared to analysts’ expectations of $515.67 million. During the same quarter in the prior year, the firm earned $0.22 EPS. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that RadNet will post 0.67 EPS for the current year.

Insider Transactions at RadNet

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value 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. The trade was a 1.23% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC boosted its holdings in RadNet by 13.3% in the third quarter. Smartleaf Asset Management LLC now owns 1,361 shares of the medical research company’s stock worth $102,000 after acquiring an additional 160 shares in the last quarter. Crossmark Global Holdings Inc. increased its holdings in shares of RadNet by 3.3% during the fourth quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock valued at $360,000 after acquiring an additional 163 shares in the last quarter. Summit Financial LLC raised its position in shares of RadNet by 1.3% during the fourth quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock worth $896,000 after purchasing an additional 166 shares during the period. Jones Financial Companies Lllp raised its position in shares of RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after purchasing an additional 171 shares during the period. Finally, Guidance Capital Inc. raised its position in shares of RadNet by 2.0% during the third quarter. Guidance Capital Inc. now owns 9,089 shares of the medical research company’s stock worth $758,000 after purchasing an additional 174 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

About RadNet

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.