RadNet (NASDAQ:RDNT) Hits New 52-Week High at $66.25

RadNet, Inc. (NASDAQ:RDNT) shares reached a new 52-week high on Wednesday . The stock traded as high as $66.25 and last traded at $65.59, with a volume of 347854 shares changing hands. The stock had previously closed at $64.31.

Analysts Set New Price Targets

Several brokerages recently issued reports on RDNT. Jefferies Financial Group raised their target price on shares of RadNet from $61.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. Barclays lifted their price objective on RadNet from $51.00 to $57.00 and gave the stock an “equal weight” rating in a report on Thursday, August 8th. Raymond James increased their target price on RadNet from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Truist Financial boosted their price target on RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Finally, StockNews.com cut shares of RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $65.50.

RadNet Stock Up 2.5 %

The company has a 50-day moving average of $61.17 and a two-hundred day moving average of $54.05. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.86 and a quick ratio of 1.86. The company has a market capitalization of $4.90 billion, a PE ratio of 220.97 and a beta of 1.75.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The business had revenue of $459.70 million during the quarter, compared to the consensus estimate of $438.53 million. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The business’s revenue was up 13.9% on a year-over-year basis. During the same period last year, the company earned $0.24 EPS. Sell-side analysts anticipate that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other news, Director Christine Nayoma Gordon sold 1,500 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $61.03, for a total value of $91,545.00. Following the transaction, the director now owns 10,879 shares of the company’s stock, valued at $663,945.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 transaction of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares of the company’s stock, valued at $3,022,480.32. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Christine Nayoma Gordon sold 1,500 shares of RadNet stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.03, for a total value of $91,545.00. Following the completion of the sale, the director now directly owns 10,879 shares in the company, valued at approximately $663,945.37. The disclosure for this sale can be found here. Insiders sold a total of 114,730 shares of company stock valued at $7,063,216 in the last three months. 5.12% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised 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 valued at $147,937,000 after purchasing an additional 32,483 shares in the last quarter. RTW Investments LP purchased a new stake in shares of RadNet during the 4th quarter valued at about $23,073,000. UniSuper Management Pty Ltd bought a new position in shares of RadNet in the 1st quarter valued at about $683,000. Janus Henderson Group PLC lifted its holdings in shares of RadNet by 108.6% in the 1st quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock valued at $3,112,000 after acquiring an additional 33,335 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its position in RadNet by 103.4% in the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company’s stock worth $12,160,000 after acquiring an additional 127,039 shares in 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.