RadNet (NASDAQ:RDNT) Upgraded to “Sell” at StockNews.com

StockNews.com upgraded shares of RadNet (NASDAQ:RDNT) to a sell rating in a report issued on Wednesday morning.

A number of other research firms have also recently commented on RDNT. Barclays decreased their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday, January 22nd. Truist Financial reaffirmed a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and cut their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Finally, Jefferies Financial Group decreased their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, RadNet currently has an average rating of “Buy” and a consensus price target of $76.75.

RadNet Stock Up 4.7 %

Shares of NASDAQ:RDNT opened at $50.71 on Wednesday. RadNet has a 52-week low of $45.16 and a 52-week high of $93.65. The stock has a market cap of $3.75 billion, a P/E ratio of -724.33 and a beta of 1.85. The business has a fifty day moving average of $59.62 and a two-hundred day moving average of $67.70. 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 (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The firm had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. On average, research analysts expect that RadNet will post 0.56 earnings per share for the current year.

Insider Buying and Selling

In other RadNet news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the transaction, the director now owns 174,067 shares of the company’s stock, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total value of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares in the company, valued at $3,101,957.10. This represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,000 shares of company stock valued at $1,926,730. Corporate insiders own 5.12% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in RadNet by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company’s stock worth $518,577,000 after acquiring an additional 71,910 shares in the last quarter. State Street Corp grew its stake in shares of RadNet by 1.3% during the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock worth $169,740,000 after purchasing an additional 30,244 shares in the last quarter. RTW Investments LP increased its holdings in RadNet by 9.4% in the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company’s stock valued at $138,184,000 after buying an additional 169,978 shares during the last quarter. Invesco Ltd. lifted its holdings in RadNet by 4.3% during the 4th quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company’s stock worth $120,898,000 after buying an additional 70,673 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of RadNet by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock worth $107,936,000 after acquiring an additional 11,613 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

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.