RadNet, Inc. (NASDAQ:RDNT) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of RadNet, Inc. (NASDAQ:RDNT) have earned a consensus recommendation of “Buy” from the five research firms that are presently covering the stock, Marketbeat Ratings reports. Four research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $75.50.

Several analysts recently issued reports on the stock. Jefferies Financial Group reduced their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Barclays dropped their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Truist Financial reissued a “buy” rating and issued a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research note on Wednesday.

RadNet Stock Performance

NASDAQ RDNT opened at $63.73 on Thursday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $4.72 billion, a price-to-earnings ratio of -910.30 and a beta of 1.79. The firm’s 50 day simple moving average is $74.76 and its 200 day simple moving average is $68.64. RadNet has a 1 year low of $35.16 and a 1 year high of $93.65.

Insider Activity

In related news, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the completion of the transaction, the insider now owns 192,724 shares of the company’s stock, valued at $15,417,920. This trade represents a 16.67 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares of the company’s stock, valued at $5,136,519.85. This represents a 16.35 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

A number of hedge funds have recently bought and sold shares of the company. KBC Group NV raised its stake in RadNet by 47.6% during the fourth quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock worth $187,000 after buying an additional 864 shares during the last quarter. Fifth Third Bancorp grew its holdings in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after purchasing an additional 305 shares during the period. Nisa Investment Advisors LLC grew its holdings in RadNet by 20.0% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,291 shares of the medical research company’s stock worth $300,000 after purchasing an additional 716 shares during the period. Connective Portfolio Management LLC acquired a new stake in RadNet in the fourth quarter worth $2,177,000. Finally, USA Financial Formulas acquired a new stake in RadNet in the fourth quarter worth $30,000. Institutional investors own 77.90% of the company’s stock.

About RadNet

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.