RadNet (NASDAQ:RDNT) Stock Price Up 7.4% – What’s Next?

RadNet, Inc. (NASDAQ:RDNT) rose 7.4% during mid-day trading on Wednesday . The company traded as high as $64.32 and last traded at $64.67. Approximately 624,493 shares were traded during mid-day trading, a decline of 21% from the average daily volume of 789,691 shares. The stock had previously closed at $60.19.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RDNT shares. Sidoti upgraded RadNet to a “strong-buy” rating in a report on Friday, October 4th. Barclays decreased their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday. Jefferies Financial Group cut their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a research report on Wednesday. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, RadNet has an average rating of “Moderate Buy” and an average target price of $75.50.

RadNet Trading Down 1.3 %

The firm has a market cap of $4.74 billion, a PE ratio of -915.30 and a beta of 1.79. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The company has a 50 day simple moving average of $73.75 and a two-hundred day simple moving average of $68.61.

Insider Buying and Selling

In other RadNet news, EVP David Jeffrey Katz sold 12,300 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total value of $1,004,295.00. Following the completion of the sale, the executive vice president now directly 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 Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ranjan Jayanathan sold 38,557 shares of RadNet stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total value of $3,084,560.00. Following the transaction, the insider now owns 192,724 shares in the company, valued at approximately $15,417,920. This represents a 16.67 % decrease in their position. The disclosure for this sale can be found here. 5.12% of the stock is owned by corporate insiders.

Institutional Trading of RadNet

Several institutional investors have recently made changes to their positions in RDNT. USA Financial Formulas acquired a new position in shares of RadNet in the 4th quarter valued at $30,000. Covestor Ltd boosted its position in shares of RadNet by 10,875.0% during the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after purchasing an additional 435 shares during the period. Fifth Third Bancorp raised its position in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after purchasing an additional 305 shares during the period. Highline Wealth Partners LLC acquired a new position in RadNet during the third quarter worth $68,000. Finally, Peterson Financial Group Inc. purchased a new position in shares of RadNet during the third quarter worth $90,000. 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.