Truist Financial Has Lowered Expectations for RadNet (NASDAQ:RDNT) Stock Price

RadNet (NASDAQ:RDNT) had its target price decreased by analysts at Truist Financial from $88.00 to $74.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the medical research company’s stock. Truist Financial’s price target suggests a potential upside of 38.55% from the company’s current price.

Other analysts also recently issued reports about the stock. Jefferies Financial Group decreased their price objective 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. StockNews.com upgraded RadNet to a “sell” rating in a research note on Wednesday, March 19th. Barclays cut their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Finally, Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and lowered their target price for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, three have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, RadNet has an average rating of “Buy” and a consensus price target of $69.75.

RadNet Stock Performance

Shares of RDNT opened at $53.41 on Friday. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet has a 12 month low of $45.00 and a 12 month high of $93.65. The company’s fifty day moving average is $54.22 and its 200-day moving average is $65.67. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of -762.89 and a beta of 1.59.

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, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. Equities analysts expect that RadNet will post 0.56 EPS for the current fiscal year.

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total transaction of $251,100.00. Following the sale, the chief operating officer now owns 251,959 shares in the company, valued at $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director David L. Swartz sold 25,000 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock valued at $1,926,730 over the last three months. 5.12% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On RadNet

Several institutional investors and hedge funds have recently made changes to their positions in RDNT. USA Financial Formulas bought a new position in RadNet during the 4th quarter valued at about $30,000. Fifth Third Bancorp raised its stake in shares of 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 acquiring an additional 305 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after acquiring an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after acquiring an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in RadNet in the fourth quarter worth $105,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.