RadNet (NASDAQ:RDNT) Reaches New 52-Week High at $66.04

RadNet, Inc. (NASDAQ:RDNT) reached a new 52-week high during trading on Tuesday . The company traded as high as $66.04 and last traded at $65.49, with a volume of 510320 shares trading hands. The stock had previously closed at $62.62.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RDNT shares. Raymond James raised their target price on shares of RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. StockNews.com cut shares of RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Truist Financial increased their target price on RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Barclays boosted their price target on RadNet from $48.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 10th. Finally, Jefferies Financial Group raised their price objective on RadNet from $61.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, July 11th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $64.00.

RadNet Stock Performance

The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. The firm has a market cap of $4.81 billion, a PE ratio of 208.73 and a beta of 1.75. The stock’s 50 day moving average price is $59.31 and its 200 day moving average price is $49.16.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.16. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The firm had revenue of $431.70 million during the quarter, compared to the consensus estimate of $421.72 million. During the same period in the prior year, the firm earned ($0.08) EPS. The firm’s quarterly revenue was up 10.5% compared to the same quarter last year. As a group, equities analysts forecast that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RadNet news, Director Gregory E. Spurlock sold 7,167 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the completion of the sale, the director now owns 9,758 shares of the company’s stock, valued at $583,040.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other RadNet news, Director Gregory E. Spurlock sold 7,167 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the transaction, the director now owns 9,758 shares in the company, valued at approximately $583,040.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lawrence L. Levitt sold 4,000 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $57.77, for a total transaction of $231,080.00. Following the completion of the transaction, the director now directly owns 172,657 shares of the company’s stock, valued at $9,974,394.89. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 99,730 shares of company stock valued at $6,121,516. Corporate insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Institutional investors and hedge funds have recently made changes to their positions in the business. Nisa Investment Advisors LLC raised its holdings in RadNet by 774.2% in the second quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock valued at $50,000 after acquiring an additional 751 shares in the last quarter. GAMMA Investing LLC increased its position in shares of RadNet by 74.7% in the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after purchasing an additional 370 shares during the last quarter. Assetmark Inc. raised its stake in shares of RadNet by 35.2% in the 4th quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock valued at $111,000 after purchasing an additional 829 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of RadNet by 8.7% during the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock worth $177,000 after purchasing an additional 291 shares during the last quarter. Finally, MQS Management LLC bought a new position in shares of RadNet during the first quarter worth about $207,000. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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.