RadNet (NASDAQ:RDNT – Get Free Report) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday,Zacks.com reports.
Several other research analysts also recently commented on RDNT. Barclays lowered their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a report on Friday, July 31st. Truist Financial upped their price objective on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $88.00.
View Our Latest Research Report on RadNet
RadNet Trading Down 1.2%
RadNet (NASDAQ:RDNT – Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The company had revenue of $622.72 million during the quarter, compared to analysts’ expectations of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.RadNet’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.31 EPS. Equities analysts anticipate that RadNet will post 0.49 EPS for the current fiscal year.
Insider Transactions at RadNet
In other news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
A number of large investors have recently added to or reduced their stakes in the business. Crossmark Global Holdings Inc. boosted its position in RadNet by 3.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company’s stock worth $360,000 after buying an additional 163 shares during the period. Summit Financial LLC increased its position in RadNet by 1.3% in the 4th quarter. Summit Financial LLC now owns 12,563 shares of the medical research company’s stock valued at $896,000 after acquiring an additional 166 shares during the period. Bank of Montreal Can increased its position in RadNet by 3.3% in the 4th quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company’s stock valued at $396,000 after acquiring an additional 180 shares during the period. PNC Financial Services Group Inc. raised its stake in shares of RadNet by 2.9% during the first quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company’s stock valued at $413,000 after acquiring an additional 207 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its stake in shares of RadNet by 16.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company’s stock valued at $113,000 after acquiring an additional 225 shares during the last quarter. Institutional investors own 77.90% of the company’s stock.
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.
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