Barclays Issues Pessimistic Forecast for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its target price cut by stock analysts at Barclays from $74.00 to $60.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has an “overweight” rating on the medical research company’s stock. Barclays‘s price target would suggest a potential upside of 18.34% from the company’s previous close.

RDNT has been the subject of a number of other reports. Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. StockNews.com raised shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Truist Financial restated a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. Finally, Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and decreased their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $73.25.

RadNet Stock Down 2.2 %

NASDAQ RDNT opened at $50.70 on Monday. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. RadNet has a fifty-two week low of $45.82 and a fifty-two week high of $93.65. The stock has a market capitalization of $3.75 billion, a PE ratio of -724.18 and a beta of 1.85. The business has a fifty day moving average price of $58.18 and a two-hundred day moving average price of $67.36.

RadNet (NASDAQ:RDNT) last posted its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share 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 firm had revenue of $477.10 million for the quarter, compared to analysts’ expectations of $459.42 million. Equities analysts expect that RadNet will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total value of $251,100.00. Following the completion of the transaction, the chief operating officer now owns 251,959 shares of the company’s stock, valued at approximately $12,653,380.98. This trade represents a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,000 shares of company stock worth $1,926,730. Insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Several hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. lifted its stake in RadNet by 12.0% in the 3rd quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock worth $27,334,000 after purchasing an additional 41,381 shares in the last quarter. KBC Group NV increased its holdings in shares of RadNet by 47.6% in the 4th 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. Pathstone Holdings LLC raised its position in shares of RadNet by 58.5% during the 3rd quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock valued at $1,908,000 after buying an additional 10,151 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after acquiring an additional 344,146 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in RadNet by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock worth $9,229,000 after acquiring an additional 1,838 shares in the last quarter. Hedge funds and other 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.