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

RadNet (NASDAQ:RDNT) had its target price reduced by Barclays from $74.00 to $60.00 in a research report sent to investors on Monday,Benzinga reports. They currently have an overweight rating on the medical research company’s stock.

Several other analysts have also weighed in on the company. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Truist Financial restated a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Jefferies Financial Group dropped their target price on shares of 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 upgraded shares of RadNet to a “sell” rating in a report on Wednesday, March 19th. One investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $73.25.

RadNet Price Performance

Shares of RDNT opened at $50.72 on Monday. RadNet has a one year low of $45.82 and a one year high of $93.65. The stock’s fifty day moving average is $57.96 and its 200-day moving average is $67.25. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The firm has a market capitalization of $3.76 billion, a price-to-earnings ratio of -724.47 and a beta of 1.85.

RadNet (NASDAQ:RDNT) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The firm had revenue of $477.10 million for 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 EPS for the current year.

Insiders Place Their Bets

In other news, COO Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the sale, the chief operating officer now owns 261,959 shares of the company’s stock, valued at $13,042,938.61. This trade represents a 1.87 % decrease in their ownership of the stock. 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 RadNet stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the transaction, the chief executive officer now 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. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 over the last ninety days. 5.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On RadNet

A number of large investors have recently made changes to their positions in the business. Franklin Resources Inc. grew its position in RadNet by 12.0% during the third quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock valued at $27,334,000 after purchasing an additional 41,381 shares in the last quarter. KBC Group NV grew its holdings in shares of RadNet by 47.6% during the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after acquiring an additional 864 shares in the last quarter. Pathstone Holdings LLC increased its stake in shares of RadNet by 58.5% in the third quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock worth $1,908,000 after acquiring an additional 10,151 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of RadNet by 30.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after acquiring an additional 344,146 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its position in RadNet by 1.4% during the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock valued at $9,229,000 after purchasing an additional 1,838 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

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.