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

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

Several other research analysts have also recently issued reports on RDNT. 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. StockNews.com raised shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Truist Financial reaffirmed a “buy” rating and set a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and reduced their price target for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. 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, RadNet presently has a consensus rating of “Buy” and a consensus target price of $73.25.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $49.25 on Monday. The firm’s 50 day simple moving average is $58.78 and its 200-day simple moving average is $67.53. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet has a one year low of $45.82 and a one year high of $93.65. The firm has a market cap of $3.65 billion, a PE ratio of -703.47 and a beta of 1.85.

RadNet (NASDAQ:RDNT) last issued its 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. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The business had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. As a group, equities analysts predict that RadNet will post 0.56 EPS for the current year.

Insider Buying and Selling

In other news, COO Norman R. Hames sold 5,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the transaction, the chief operating officer now owns 261,959 shares in the company, valued at $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the transaction, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at $2,828,867.40. The trade was a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 in the last ninety days. 5.12% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. USA Financial Formulas acquired a new stake in RadNet during the 4th quarter worth about $30,000. Fifth Third Bancorp grew its holdings in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock worth $47,000 after acquiring an additional 305 shares during the period. Smartleaf Asset Management LLC increased its holdings in shares of RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after purchasing an additional 1,063 shares in the last quarter. Tower Research Capital LLC TRC grew its position in 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 valued at $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 in the 4th quarter valued at about $105,000. Hedge funds and other institutional investors 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.