RadNet (NASDAQ:RDNT) Upgraded by StockNews.com to “Sell” Rating

StockNews.com upgraded shares of RadNet (NASDAQ:RDNT) to a sell rating in a research report sent to investors on Wednesday.

Other equities research analysts have also issued research reports about the company. Jefferies Financial Group dropped their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and cut their price objective for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Barclays decreased their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, January 22nd. Finally, Truist Financial reaffirmed a “buy” rating and set a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, RadNet presently has a consensus rating of “Buy” and a consensus target price of $76.75.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $50.71 on Wednesday. RadNet has a fifty-two week low of $45.16 and a fifty-two week high of $93.65. The company has a market cap of $3.75 billion, a PE ratio of -724.33 and a beta of 1.85. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The business has a 50-day simple moving average of $59.62 and a two-hundred day simple moving average of $67.70.

RadNet (NASDAQ:RDNT) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The company had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. As a group, equities analysts expect that RadNet will post 0.56 EPS for the current fiscal year.

Insider Activity

In other news, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now owns 174,067 shares of the company’s stock, valued at $8,849,566.28. The trade was a 12.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Norman R. Hames sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the transaction, the chief operating officer now owns 261,959 shares of the company’s stock, valued at approximately $13,042,938.61. This trade represents a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock worth $1,926,730 in the last quarter. Corporate insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several large investors have recently bought and sold shares of RDNT. Norges Bank acquired a new stake in shares of RadNet in the fourth quarter worth approximately $56,381,000. Raymond James Financial Inc. purchased a new position in RadNet in the 4th quarter valued at $33,090,000. T. Rowe Price Investment Management Inc. boosted its stake in RadNet by 79.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company’s stock worth $63,813,000 after purchasing an additional 404,241 shares during the last quarter. Portolan Capital Management LLC boosted its stake in RadNet by 384.8% during the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock worth $34,095,000 after purchasing an additional 390,011 shares during the last quarter. Finally, Tidal Investments LLC grew its holdings in shares of RadNet by 7,219.2% during the fourth quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company’s stock worth $27,189,000 after buying an additional 383,989 shares in the last quarter. 77.90% of the stock is currently 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.