RadNet (NASDAQ:RDNT) Trading 5% Higher – Should You Buy?

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

Wall Street Analyst Weigh In

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

RadNet Price Performance

The company’s 50 day moving average is $69.60 and its 200 day moving average is $62.49. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The stock has a market capitalization of $5.85 billion, a price-to-earnings ratio of -275.99 and a beta of 1.41.

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

Insider Activity at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director owned 177,013 shares of the company’s stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by insiders.

Institutional Trading of RadNet

Hedge funds and other institutional investors have recently modified their holdings of the business. Allworth Financial LP increased its stake in 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 last quarter. Danske Bank A S acquired a new stake in shares of RadNet in the 3rd quarter worth about $30,000. Eurizon Capital SGR S.p.A. bought a new stake in RadNet in the 4th quarter valued at about $36,000. Harbour Investments Inc. bought a new stake in RadNet in the 4th quarter valued at about $42,000. Finally, Kestra Advisory Services LLC acquired a new position in RadNet during the 4th quarter valued at about $67,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

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.