RadNet (NASDAQ:RDNT) Trading Up 5% – Still a Buy?

RadNet, Inc. (NASDAQ:RDNT) shares traded up 5% on Thursday . The stock traded as high as $73.98 and last traded at $74.3830. 218,430 shares changed hands during trading, a decline of 73% from the average daily volume of 807,937 shares. The stock had previously closed at $70.87.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Friday, August 7th. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Barclays boosted their price target on RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 28th. Finally, Truist Financial increased their price objective on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, five 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.com, RadNet currently has a consensus rating of “Moderate Buy” and an average price target of $90.00.

RadNet Trading Up 1.6%

The stock’s fifty day simple moving average is $69.84 and its two-hundred day simple moving average is $62.61. The firm has a market cap of $5.94 billion, a PE ratio of -279.58 and a beta of 1.41. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.09. The firm had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business’s revenue was up 25.0% on a year-over-year basis. During the same period last year, the business earned $0.31 earnings per share. On average, sell-side analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s 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 transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $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. Corporate insiders own 5.14% of the company’s stock.

Hedge Funds Weigh In On RadNet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP raised its stake in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S bought a new position in RadNet during the 3rd quarter valued at about $30,000. Eurizon Capital SGR S.p.A. purchased a new stake in shares of RadNet during the 4th quarter valued at about $36,000. Harbour Investments Inc. bought a new stake in shares of RadNet in the fourth quarter worth approximately $42,000. Finally, State of Wyoming purchased a new position in shares of RadNet during the second quarter valued at approximately $58,000. 77.90% of the stock is owned by institutional investors.

RadNet Company Profile

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of imaging centers and affiliated facilities. Its services support the diagnosis and monitoring of a wide range of medical conditions and are generally provided on an outpatient basis, outside of traditional hospital settings.

The company’s imaging offerings include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray and other diagnostic procedures.