RadNet (NASDAQ:RDNT) Stock Price Up 5% – Should You Buy?

Shares of RadNet, Inc. (NASDAQ:RDNT) shot up 5% during mid-day trading on Thursday . The company traded as high as $73.98 and last traded at $74.3830. 218,430 shares were traded during trading, a decline of 73% from the average session volume of 807,937 shares. The stock had previously closed at $70.87.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Truist Financial raised their price target on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a report on Friday, July 31st. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 13th. Barclays boosted their price target on shares of RadNet from $65.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 28th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $90.00.

RadNet Stock Up 4.9%

The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The stock’s fifty day simple moving average is $69.60 and its two-hundred day simple moving average is $62.49. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of -275.99 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 EPS. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director David Swartz sold 2,699 shares of the business’s stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by insiders.

Institutional Investors Weigh In On RadNet

A number of large investors have recently made changes to their positions in RDNT. Allworth Financial LP boosted its stake in RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S purchased a new stake in shares of RadNet in the third quarter valued at $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of RadNet in the fourth quarter worth $36,000. Harbour Investments Inc. acquired a new stake in shares of RadNet in the fourth quarter worth $42,000. Finally, State of Wyoming purchased a new position in shares of RadNet during the second quarter valued at $58,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.