RadNet (NASDAQ:RDNT) Stock Price Breaks Above 50 Day Moving Average – What’s Next?

Shares of RadNet, Inc. (NASDAQ:RDNT) passed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $72.68 and traded as high as $74.56. RadNet shares last traded at $73.54, with a volume of 1,272,490 shares changing hands.

Analysts Set New Price Targets

A number of research firms have commented on RDNT. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a report on Friday, October 9th. Barclays lifted their target price on shares of RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 28th. Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a report on Tuesday, September 22nd. Finally, Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Three investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, RadNet has a consensus rating of “Buy” and an average target price of $90.00.

RadNet Stock Performance

The firm’s 50-day moving average price is $72.68 and its 200 day moving average price is $65.36. The company has a market cap of $5.79 billion, a price-to-earnings ratio of -272.36 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. During the same period last year, the firm earned $0.31 earnings per share. The company’s quarterly revenue was up 25.0% on a year-over-year basis. As a group, equities research analysts predict that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Institutional Investors Weigh In On RadNet

A number of institutional investors have recently made changes to their positions in RDNT. Bank of America Corp DE grew its holdings in shares of RadNet by 15.1% in the 1st quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company’s stock valued at $32,953,000 after buying an additional 77,198 shares during the period. Edmond DE Rothschild Holding S.A. bought a new stake in shares of RadNet in the 2nd quarter valued at $1,172,000. Legal & General Group Plc bought a new stake in shares of RadNet in the 2nd quarter valued at $9,787,000. California State Teachers Retirement System raised its stake in RadNet by 25.4% during the 1st quarter. California State Teachers Retirement System now owns 77,646 shares of the medical research company’s stock worth $4,340,000 after buying an additional 15,746 shares during the period. Finally, Van Berkom & Associates Inc. raised its stake in RadNet by 24.9% during the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock worth $57,488,000 after buying an additional 204,858 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Company Profile

RadNet, Inc (NASDAQ: RDNT) is an outpatient diagnostic imaging company that operates imaging centers and provides related healthcare services. Its facilities offer diagnostic radiology and imaging procedures used to help detect, diagnose, and monitor medical conditions.

The company’s services generally include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), mammography, ultrasound, X-ray, and other imaging procedures. RadNet also provides image-guided and interventional radiology services in selected markets, along with digital imaging, radiology, and information-technology solutions.

Founded in 1981, RadNet serves patients, physicians, hospitals, and other healthcare organizations through a network of outpatient imaging centers primarily located in the United States, including markets in California, New York, New Jersey, Maryland, and Delaware.