RadNet (NASDAQ:RDNT) Trading Up 7.4% – Should You Buy?

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

Analysts Set New Price Targets

A number of research firms have recently weighed in on RDNT. Truist Financial reaffirmed a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday. Sidoti upgraded shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Jefferies Financial Group lowered their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Finally, Barclays decreased their price objective on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday. One equities 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $75.50.

RadNet Stock Down 1.3 %

The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -915.30 and a beta of 1.79. The business’s fifty day moving average price is $73.75 and its 200 day moving average price is $68.61.

Insider Transactions at RadNet

In other news, insider Ranjan Jayanathan sold 38,557 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 192,724 shares of the company’s stock, valued at $15,417,920. This trade represents a 16.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP David Jeffrey Katz sold 12,300 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were 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 in the company, valued at approximately $5,136,519.85. The trade was a 16.35 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.12% of the company’s stock.

Institutional Trading of RadNet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Portolan Capital Management LLC lifted its holdings in RadNet by 384.8% in the 3rd quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock valued at $34,095,000 after purchasing an additional 390,011 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in shares of RadNet by 130.5% in the third quarter. Harbor Capital Advisors Inc. now owns 402,205 shares of the medical research company’s stock valued at $27,909,000 after buying an additional 227,713 shares during the last quarter. Cerity Partners LLC boosted its position in RadNet by 131.4% during the third quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company’s stock worth $26,891,000 after acquiring an additional 220,068 shares during the last quarter. JB Capital Partners LP grew its stake in RadNet by 15.9% in the 3rd quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock worth $104,367,000 after acquiring an additional 206,850 shares during the period. Finally, Clearbridge Investments LLC lifted its stake in shares of RadNet by 33.9% during the 2nd quarter. Clearbridge Investments LLC now owns 732,527 shares of the medical research company’s stock worth $43,160,000 after purchasing an additional 185,523 shares during the period. 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.