Truist Financial Forecasts Strong Price Appreciation for RadNet (NASDAQ:RDNT) Stock

RadNet (NASDAQ:RDNT) had its target price hoisted by Truist Financial from $80.00 to $94.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the medical research company’s stock.

Other equities analysts have also issued research reports about the stock. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Sidoti upgraded RadNet to a “strong-buy” rating in a report on Friday, October 4th. Finally, Jefferies Financial Group upped their target price on RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, RadNet has a consensus rating of “Moderate Buy” and a consensus target price of $78.25.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $81.76 on Friday. The stock’s 50-day simple moving average is $72.43 and its two-hundred day simple moving average is $65.13. RadNet has a twelve month low of $32.37 and a twelve month high of $93.65. The firm has a market capitalization of $6.05 billion, a P/E ratio of -1,167.83 and a beta of 1.75. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

Insider Activity at RadNet

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

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its position in RadNet by 6.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,054 shares of the medical research company’s stock valued at $1,706,000 after buying an additional 2,222 shares during the period. Janus Henderson Group PLC grew its holdings in RadNet by 108.6% during the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock valued at $3,112,000 after purchasing an additional 33,335 shares during the period. GAMMA Investing LLC increased its position in RadNet by 74.7% in the second quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after buying an additional 370 shares in the last quarter. Harbor Capital Advisors Inc. grew its stake in shares of RadNet by 224.1% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 174,492 shares of the medical research company’s stock valued at $10,281,000 after acquiring an additional 120,648 shares during the period. Finally, SteelPeak Wealth LLC raised its stake in RadNet by 25.0% during the 2nd quarter. SteelPeak Wealth LLC now owns 25,000 shares of the medical research company’s stock worth $1,473,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 77.90% of the company’s stock.

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.