RadNet (NASDAQ:RDNT) Stock Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Shares of RadNet, Inc. (NASDAQ:RDNT) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $62.76 and traded as high as $76.45. RadNet shares last traded at $72.67, with a volume of 796,169 shares trading hands.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a report on Friday, July 31st. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a report on Tuesday. Barclays lifted their price objective on shares of RadNet from $65.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 28th. Truist Financial boosted 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. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RadNet has a consensus rating of “Moderate Buy” and an average price target of $90.00.

RadNet Stock Down 1.0%

The company has a debt-to-equity ratio of 0.94, a current ratio of 1.48 and a quick ratio of 1.48. The firm has a 50-day simple moving average of $71.22 and a two-hundred day simple moving average of $62.78. The company has a market cap of $5.76 billion, a PE ratio of -271.14 and a beta of 1.41.

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE lifted its position in shares of RadNet by 15.1% during the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company’s stock worth $32,953,000 after purchasing an additional 77,198 shares in the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in RadNet during the 2nd quarter valued at $1,172,000. Van Berkom & Associates Inc. increased 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. Legal & General Group Plc purchased a new stake in RadNet during the 2nd quarter worth $9,787,000. Finally, E. Ohman J or Asset Management AB lifted its holdings in RadNet by 1,144.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock worth $27,934,000 after buying an additional 416,563 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

About RadNet

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.