RadNet (NASDAQ:RDNT) Hits New 1-Year High at $33.21

Posted by Defense World Staff on Jun 25th, 2023

RadNet, Inc. (NASDAQ:RDNT – Get Rating)’s share price reached a new 52-week high on Friday . The company traded as high as $33.21 and last traded at $33.21, with a volume of 106199 shares. The stock had previously closed at $32.76.

Analysts Set New Price Targets

RDNT has been the subject of a number of analyst reports. StockNews.com initiated coverage on shares of RadNet in a report on Thursday, May 18th. They set a “hold” rating for the company. CJS Securities initiated coverage on shares of RadNet in a report on Friday, March 31st. They set an “outperform” rating and a $30.00 target price for the company. Finally, Raymond James upgraded shares of RadNet from a “market perform” rating to an “outperform” rating and set a $30.00 target price for the company in a report on Friday, March 3rd.

RadNet Stock Up 2.1 %

The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 1.73. The company’s fifty day simple moving average is $29.21 and its 200 day simple moving average is $24.35. The firm has a market capitalization of $1.95 billion, a PE ratio of -139.33 and a beta of 1.65.

RadNet (NASDAQ:RDNT – Get Rating) last issued its quarterly earnings data on Tuesday, May 9th. The medical research company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). RadNet had a positive return on equity of 3.28% and a negative net margin of 0.90%. The company had revenue of $390.60 million during the quarter, compared to analysts’ expectations of $371.34 million. During the same quarter last year, the business earned ($0.15) earnings per share. The business’s quarterly revenue was up 14.3% on a year-over-year basis. Analysts anticipate that RadNet, Inc. will post 0.28 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In other RadNet news, Director Christine Nayoma Gordon sold 4,884 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $28.34, for a total transaction of $138,412.56. Following the completion of the transaction, the director now owns 13,385 shares of the company’s stock, valued at $379,330.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Christine Nayoma Gordon sold 4,884 shares of the firm’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $28.34, for a total transaction of $138,412.56. Following the completion of the sale, the director now owns 13,385 shares of the company’s stock, valued at $379,330.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Norman R. Hames sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 6th. The shares were sold at an average price of $31.11, for a total transaction of $622,200.00. Following the sale, the chief operating officer now directly owns 303,485 shares of the company’s stock, valued at approximately $9,441,418.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,884 shares of company stock valued at $1,373,113. Corporate insiders own 4.43% of the company’s stock.

Institutional Investors Weigh In On RadNet

Large investors have recently added to or reduced their stakes in the stock. Maryland State Retirement & Pension System purchased a new position in shares of RadNet during the 4th quarter worth $375,000. Beck Mack & Oliver LLC boosted its stake in shares of RadNet by 6.3% during the 4th quarter. Beck Mack & Oliver LLC now owns 3,213,394 shares of the medical research company’s stock worth $60,508,000 after acquiring an additional 191,053 shares during the last quarter. Tamarack Advisers LP boosted its stake in shares of RadNet by 66.7% during the 4th quarter. Tamarack Advisers LP now owns 100,000 shares of the medical research company’s stock worth $1,883,000 after acquiring an additional 40,000 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its stake in shares of RadNet by 18.0% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 2,560,450 shares of the medical research company’s stock worth $48,213,000 after acquiring an additional 391,060 shares during the last quarter. Finally, Citigroup Inc. boosted its stake in shares of RadNet by 7.9% during the 4th quarter. Citigroup Inc. now owns 110,382 shares of the medical research company’s stock worth $2,078,000 after acquiring an additional 8,125 shares during the last quarter. Institutional investors own 69.03% of the company’s stock.

RadNet Company Profile

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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.