RadNet (NASDAQ:RDNT) Receives Buy Rating from Truist Financial

RadNet (NASDAQ:RDNT)‘s stock had its “buy” rating restated by investment analysts at Truist Financial in a report issued on Wednesday,Benzinga reports. They presently have a $88.00 price objective on the medical research company’s stock, down from their prior price objective of $94.00. Truist Financial’s price target would suggest a potential upside of 37.34% from the stock’s previous close.

Other analysts have also recently issued research reports about the company. Sidoti raised RadNet to a “strong-buy” rating in a research report on Friday, October 4th. Jefferies Financial Group reduced their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Finally, Barclays reduced their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $75.50.

RadNet Stock Up 6.5 %

RDNT traded up $3.89 during trading on Wednesday, reaching $64.08. 555,165 shares of the stock traded hands, compared to its average volume of 785,277. The stock has a market cap of $4.74 billion, a price-to-earnings ratio of -914.34 and a beta of 1.79. RadNet has a fifty-two week low of $35.16 and a fifty-two week high of $93.65. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The stock’s 50-day simple moving average is $75.23 and its two-hundred day simple moving average is $68.63.

Insiders Place Their Bets

In related news, insider Ranjan Jayanathan sold 38,557 shares of the business’s stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $80.00, for a total transaction of $3,084,560.00. Following the completion of the transaction, the insider now owns 192,724 shares of the company’s stock, valued at approximately $15,417,920. The trade was a 16.67 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP David Jeffrey Katz sold 12,300 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $81.65, for a total value of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares of the company’s stock, valued at $5,136,519.85. This represents a 16.35 % decrease in their position. The disclosure for this sale can be found here. Insiders own 5.12% of the company’s stock.

Hedge Funds Weigh In On RadNet

Large investors have recently made changes to their positions in the business. Lisanti Capital Growth LLC acquired a new position in shares of RadNet during the 3rd quarter worth about $2,922,000. Franklin Resources Inc. increased its stake 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 acquiring an additional 41,381 shares during the period. Intech Investment Management LLC bought a new position in RadNet during the second quarter valued at about $446,000. Pathstone Holdings LLC increased its stake in RadNet by 58.5% during the third quarter. Pathstone Holdings LLC now owns 27,503 shares of the medical research company’s stock valued at $1,908,000 after acquiring an additional 10,151 shares during the period. Finally, JPMorgan Chase & Co. increased its stake 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 acquiring an additional 1,838 shares during the period. 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.