RadNet (NASDAQ:RDNT) Stock Price Up 3.4% – Here’s Why

Shares of RadNet, Inc. (NASDAQ:RDNT) shot up 3.4% during mid-day trading on Friday . The company traded as high as $67.37 and last traded at $67.23. 48,750 shares changed hands during trading, a decline of 91% from the average session volume of 551,241 shares. The stock had previously closed at $64.99.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on RDNT. Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Truist Financial increased their price target on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Jefferies Financial Group raised their target price on RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $57.00 to $79.00 in a research report on Friday, September 6th. One research analyst has rated the stock with a sell rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $74.75.

RadNet Stock Performance

The firm has a market cap of $5.07 billion, a PE ratio of 228.60 and a beta of 1.74. The firm has a 50-day moving average price of $65.15 and a two-hundred day moving average price of $59.10. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The company had revenue of $459.70 million during the quarter, compared to analyst estimates of $438.53 million. During the same period in the prior year, the business posted $0.24 EPS. RadNet’s revenue for the quarter was up 13.9% compared to the same quarter last year. Research analysts forecast that RadNet, Inc. will post 0.6 EPS for the current fiscal year.

Insider Activity at RadNet

In related news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total value of $941,700.00. Following the completion of the sale, the executive vice president now owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RDNT. Teachers Retirement System of The State of Kentucky increased its stake in RadNet by 3.8% during the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 61,447 shares of the medical research company’s stock worth $2,136,000 after acquiring an additional 2,272 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in RadNet by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 771,662 shares of the medical research company’s stock worth $26,831,000 after acquiring an additional 27,311 shares during the last quarter. Wellington Management Group LLP increased its stake in RadNet by 16.9% during the fourth quarter. Wellington Management Group LLP now owns 727,172 shares of the medical research company’s stock worth $25,284,000 after acquiring an additional 105,164 shares during the last quarter. Vanguard Group Inc. increased its stake in RadNet by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock worth $147,937,000 after acquiring an additional 32,483 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in RadNet during the first quarter worth $218,000. Institutional investors and hedge funds 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.