RadNet (NASDAQ:RDNT) Sees Strong Trading Volume – Time to Buy?

RadNet, Inc. (NASDAQ:RDNT) shares saw an uptick in trading volume on Wednesday . 403,920 shares traded hands during trading, a decline of 25% from the previous session’s volume of 538,614 shares.The stock last traded at $59.15 and had previously closed at $65.65.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Barclays increased their price target on shares of RadNet from $79.00 to $85.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Truist Financial upped their target price on RadNet from $80.00 to $94.00 and gave the stock a “buy” rating in a research note on Friday, November 29th. Jefferies Financial Group reduced their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Sidoti upgraded shares of RadNet to a “strong-buy” rating in a research report on Friday, October 4th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $79.75.

RadNet Stock Performance

The business has a fifty day simple moving average of $76.01 and a two-hundred day simple moving average of $68.49. 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 related news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $80.00, for a total value of $3,084,560.00. Following the completion of 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP David Jeffrey Katz sold 12,300 shares of RadNet stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares in the company, valued at $5,136,519.85. This trade represents a 16.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in RadNet in the fourth quarter valued at $30,000. Covestor Ltd raised its holdings in RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock valued at $30,000 after buying an additional 435 shares during the period. Highline Wealth Partners LLC acquired a new position in RadNet in the third quarter valued at about $68,000. Peterson Financial Group Inc. purchased a new position in RadNet during the third quarter worth about $90,000. Finally, GAMMA Investing LLC raised its stake in shares of RadNet by 57.3% in the 3rd quarter. GAMMA Investing LLC now owns 1,361 shares of the medical research company’s stock valued at $94,000 after acquiring an additional 496 shares during the period. Institutional investors and hedge funds 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.