RadNet (NASDAQ:RDNT) Share Price Breaks Above Fifty Day Moving Average – Here’s Why

RadNet, Inc. (NASDAQ:RDNT)’s stock price crossed above its fifty day moving average during trading on Tuesday. The stock has a fifty 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 trading hands.

Analysts Set New Price Targets

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

RadNet Stock Up 0.1%

The stock has a market cap of $5.80 billion, a P/E ratio of 167.14 and a beta of 1.41. 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 firm’s fifty day moving average is $72.63 and its 200 day moving average is $65.32.

RadNet (NASDAQ:RDNT) last issued 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 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 company’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.31 earnings per share. As a group, equities research analysts forecast that RadNet, Inc. will post 0.49 EPS for the current year.

Institutional Trading of RadNet

Several institutional investors have recently bought and sold shares of RDNT. BlackRock Inc. bought a new stake in RadNet during the 2nd quarter worth about $675,768,000. JB Capital Partners LP acquired a new stake in shares of RadNet during the second quarter worth $87,821,842. Dimensional Fund Advisors LP increased its stake in shares of RadNet by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,379,003 shares of the medical research company’s stock valued at $77,074,000 after acquiring an additional 19,188 shares during the last quarter. Bamco Inc. NY bought a new stake in RadNet in the second quarter valued at approximately $77,765,000. 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. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.