Barclays Raises RadNet (NASDAQ:RDNT) Price Target to $51.00

RadNet (NASDAQ:RDNTGet Free Report) had its price target lifted by analysts at Barclays from $48.00 to $51.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the medical research company’s stock. Barclays‘s target price would indicate a potential downside of 9.28% from the company’s current price.

Several other brokerages also recently commented on RDNT. StockNews.com downgraded shares of RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Truist Financial reiterated a “buy” rating and issued a $63.00 target price (up previously from $55.00) on shares of RadNet in a report on Wednesday, May 15th. Jefferies Financial Group lifted their target price on shares of RadNet from $47.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, Raymond James lifted their target price on shares of RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, RadNet currently has a consensus rating of “Hold” and an average target price of $58.00.

Read Our Latest Research Report on RadNet

RadNet Stock Down 0.8 %

RDNT stock traded down $0.47 during midday trading on Wednesday, reaching $56.22. The company had a trading volume of 437,519 shares, compared to its average volume of 535,142. RadNet has a 1 year low of $25.11 and a 1 year high of $64.06. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $4.15 billion, a P/E ratio of 187.40 and a beta of 1.75. The company has a 50 day moving average of $57.72 and a two-hundred day moving average of $47.48.

RadNet (NASDAQ:RDNTGet Free Report) last released its quarterly earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.16. The business had revenue of $431.70 million for the quarter, compared to the consensus estimate of $421.72 million. RadNet had a net margin of 1.28% and a return on equity of 5.05%. RadNet’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.08) EPS. On average, equities research analysts expect that RadNet will post 0.59 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, COO Norman R. Hames sold 15,000 shares of RadNet stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $61.15, for a total transaction of $917,250.00. Following the sale, the chief operating officer now directly owns 280,919 shares in the company, valued at approximately $17,178,196.85. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Christine Nayoma Gordon sold 3,000 shares of RadNet stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $61.30, for a total transaction of $183,900.00. Following the sale, the director now directly owns 12,379 shares in the company, valued at approximately $758,832.70. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Norman R. Hames sold 15,000 shares of RadNet stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $61.15, for a total transaction of $917,250.00. Following the sale, the chief operating officer now owns 280,919 shares in the company, valued at $17,178,196.85. The disclosure for this sale can be found here. Insiders have sold 99,730 shares of company stock worth $6,121,516 in the last ninety days. Insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Several institutional investors have recently added to or reduced their stakes in RDNT. RTW Investments LP bought a new position in RadNet during the 4th quarter valued at about $23,073,000. Wellington Management Group LLP bought a new position in shares of RadNet in the third quarter worth about $17,534,000. Clearbridge Investments LLC bought a new position in shares of RadNet in the first quarter worth about $26,617,000. 8 Knots Management LLC bought a new position in shares of RadNet in the first quarter worth about $20,273,000. Finally, Vanguard Group Inc. raised its stake in shares of RadNet by 8.1% in the first quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock worth $223,862,000 after acquiring an additional 345,822 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

About RadNet

(Get Free Report)

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.

Further Reading

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