RadNet (NASDAQ:RDNT) Shares Pass Above 200-Day Moving Average Following Analyst Downgrade

RadNet, Inc. (NASDAQ:RDNT) passed above its 200-day moving average during trading on Monday after KeyCorp upgraded the stock to a strong-buy rating. The stock has a 200-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 trading hands.

Several other equities analysts have also recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Monday, December 29th. Barclays increased their price objective on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. UBS Group set a $92.00 target price on RadNet in a research report on Friday, January 9th. The Goldman Sachs Group raised RadNet to a “buy” rating in a report on Tuesday, December 16th. Finally, Truist Financial set a $90.00 target price on shares of RadNet in a research note on Wednesday, December 17th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $87.43.

Insider Activity

In related news, Director David L. Swartz sold 2,699 shares of the firm’s 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 transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. The SEC filing for this sale provides additional information. 5.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On RadNet

A number of institutional investors have recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in RadNet in the fourth quarter worth $25,000. Allworth Financial LP boosted its stake in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S bought a new stake in RadNet in the 3rd quarter worth $30,000. Eurizon Capital SGR S.p.A. purchased a new position in RadNet during the 4th quarter valued at about $36,000. Finally, Harbour Investments Inc. bought a new stake in shares of RadNet in the 4th quarter worth approximately $42,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Trading Down 2.2%

The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The firm’s fifty day moving average is $57.74 and its two-hundred day moving average is $62.92. The firm has a market cap of $4.83 billion, a P/E ratio of -341.15 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter last year, the company posted ($0.50) EPS. Analysts predict that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

RadNet Company Profile

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.