RadNet (NASDAQ:RDNT) Trading 3.4% Higher – Here’s Why

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

Analyst Ratings Changes

Several research firms recently commented on RDNT. Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Truist Financial lifted their target price on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $57.00 to $79.00 in a report on Friday, September 6th. Finally, Jefferies Financial Group lifted their price objective on shares of 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 issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.75.

RadNet Stock Performance

The firm has a market cap of $5.04 billion, a PE ratio of 490.43 and a beta of 1.74. The business has a 50 day simple moving average of $64.89 and a two-hundred day simple moving average of $58.87. 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). The company had revenue of $459.70 million during the quarter, compared to analysts’ expectations of $438.53 million. RadNet had a return on equity of 4.30% and a net margin of 0.58%. The company’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. As a group, equities research analysts forecast that RadNet, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Activity

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 transaction, the executive vice president now owns 48,144 shares of the company’s stock, valued at $3,022,480.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 5.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in RadNet by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock valued at $147,937,000 after acquiring an additional 32,483 shares in the last quarter. UniSuper Management Pty Ltd purchased a new position in RadNet in the first quarter valued at about $683,000. Janus Henderson Group PLC raised its holdings in RadNet by 108.6% in the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock worth $3,112,000 after purchasing an additional 33,335 shares in the last quarter. Russell Investments Group Ltd. lifted its position in shares of RadNet by 103.4% during the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company’s stock valued at $12,160,000 after buying an additional 127,039 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of RadNet by 18.8% during the first quarter. Sei Investments Co. now owns 65,899 shares of the medical research company’s stock valued at $3,207,000 after buying an additional 10,430 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

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.