Truist Financial Reaffirms “Buy” Rating for RadNet (NASDAQ:RDNT)

Truist Financial reissued their buy rating on shares of RadNet (NASDAQ:RDNT) in a report released on Wednesday morning,Benzinga reports. They currently have a $88.00 target price on the medical research company’s stock, down from their previous target price of $94.00.

A number of other analysts have also recently issued reports on RDNT. Barclays lowered their target price on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday. Jefferies Financial Group dropped their price objective 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, Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus price target of $75.50.

RadNet Price Performance

Shares of RDNT stock opened at $64.08 on Wednesday. The firm has a market capitalization of $4.74 billion, a price-to-earnings ratio of -915.30 and a beta of 1.79. RadNet has a 12-month low of $35.16 and a 12-month high of $93.65. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a fifty day moving average of $73.75 and a 200-day moving average of $68.61.

Insiders Place Their Bets

In other news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction that occurred on 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 sale, the insider now owns 192,724 shares in the company, valued at $15,417,920. This represents a 16.67 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP David Jeffrey Katz sold 12,300 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $81.65, for a total transaction of $1,004,295.00. Following the completion of the sale, the executive vice president now owns 62,909 shares of the company’s stock, valued at approximately $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

Institutional investors have recently bought and sold shares of the business. State Street Corp lifted its position in shares of RadNet by 1.3% in the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after buying an additional 30,244 shares during the last quarter. Geode Capital Management LLC lifted its holdings in 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 valued at $107,936,000 after purchasing an additional 11,613 shares during the last quarter. Principal Financial Group Inc. boosted its position in RadNet by 8.5% during the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after purchasing an additional 118,501 shares during the period. JB Capital Partners LP increased its holdings in shares of RadNet by 15.9% in the third quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after purchasing an additional 206,850 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of RadNet by 11.8% in the third quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company’s stock valued at $78,539,000 after purchasing an additional 119,875 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.