RadNet (NASDAQ:RDNT) Trading Up 7.4% – Here’s Why

RadNet, Inc. (NASDAQ:RDNT)’s share price was up 7.4% on Wednesday . The stock traded as high as $64.32 and last traded at $64.67. Approximately 624,493 shares changed hands during trading, a decline of 21% from the average daily volume of 789,691 shares. The stock had previously closed at $60.19.

Wall Street Analysts Forecast Growth

Several research firms recently commented on RDNT. Barclays cut their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday. Jefferies Financial Group lowered 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 upgraded shares of RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Finally, Truist Financial reiterated a “buy” rating and issued a $88.00 target price (down from $94.00) on shares of RadNet in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $75.50.

RadNet Price Performance

The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a market cap of $4.72 billion, a price-to-earnings ratio of -910.31 and a beta of 1.79. The stock’s 50-day simple moving average is $75.23 and its 200 day simple moving average is $68.63.

Insiders Place Their Bets

In related news, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $81.65, for a total value of $1,004,295.00. Following the completion of the transaction, the executive vice president now owns 62,909 shares in the company, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ranjan Jayanathan sold 38,557 shares of the firm’s stock in a transaction that occurred 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 directly owns 192,724 shares of the company’s stock, valued at $15,417,920. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is owned by insiders.

Institutional Investors Weigh In On RadNet

A number of large investors have recently modified their holdings of the company. HighTower Advisors LLC grew its stake in shares of RadNet by 1.8% during the third quarter. HighTower Advisors LLC now owns 7,861 shares of the medical research company’s stock worth $545,000 after purchasing an additional 136 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of RadNet by 3.2% during the 2nd quarter. AQR Capital Management LLC now owns 5,131 shares of the medical research company’s stock worth $302,000 after acquiring an additional 160 shares in the last quarter. Chartwell Investment Partners LLC lifted its stake in RadNet by 0.8% during the third quarter. Chartwell Investment Partners LLC now owns 24,883 shares of the medical research company’s stock worth $1,726,000 after purchasing an additional 193 shares during the last quarter. Virtue Capital Management LLC boosted its holdings in RadNet by 1.4% in the third quarter. Virtue Capital Management LLC now owns 19,389 shares of the medical research company’s stock valued at $1,345,000 after purchasing an additional 264 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its stake in RadNet by 6.3% in the third quarter. Crossmark Global Holdings Inc. now owns 4,958 shares of the medical research company’s stock valued at $344,000 after purchasing an additional 296 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Company Profile

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.