RadNet (NASDAQ:RDNT) Price Target Lowered to $60.00 at Barclays

RadNet (NASDAQ:RDNT) had its price target decreased by investment analysts at Barclays from $74.00 to $60.00 in a report issued on Monday,Benzinga reports. The brokerage presently has an “overweight” rating on the medical research company’s stock. Barclays‘s price target would indicate a potential upside of 21.83% from the company’s previous close.

Several other equities analysts also recently weighed in on RDNT. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and dropped their target price for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Truist Financial reaffirmed a “buy” rating and set a $88.00 price objective (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Jefferies Financial Group dropped their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Finally, StockNews.com raised RadNet to a “sell” rating in a report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, RadNet has a consensus rating of “Buy” and a consensus target price of $73.25.

RadNet Stock Performance

NASDAQ RDNT opened at $49.25 on Monday. The stock has a market cap of $3.65 billion, a PE ratio of -703.47 and a beta of 1.85. RadNet has a twelve month low of $45.82 and a twelve month high of $93.65. The stock has a fifty day simple moving average of $58.78 and a 200-day simple moving average of $67.53. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The business had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Equities analysts anticipate that RadNet will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 2,000 shares of the firm’s stock in a transaction dated Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the transaction, the chief executive officer now owns 58,995 shares of the company’s stock, valued at approximately $3,101,957.10. This trade represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Norman R. Hames sold 5,000 shares of the business’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total value of $251,100.00. Following the completion of the sale, the chief operating officer now directly owns 251,959 shares of the company’s stock, valued at $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock valued at $1,926,730 in the last ninety days. Insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Hedge funds have recently modified their holdings of the business. USA Financial Formulas purchased a new stake in RadNet in the 4th quarter valued at $30,000. Fifth Third Bancorp increased its stake 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. Smartleaf Asset Management LLC raised its holdings in shares of RadNet by 377.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after buying an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after buying an additional 422 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of RadNet during the fourth quarter worth about $105,000. 77.90% of the stock is currently owned by hedge funds and other 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.