Jefferies Financial Group Raises RadNet (NASDAQ:RDNT) Price Target to $80.00

RadNet (NASDAQ:RDNT) had its price objective raised by equities researchers at Jefferies Financial Group from $75.00 to $80.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the medical research company’s stock. Jefferies Financial Group’s target price points to a potential upside of 15.62% from the stock’s previous close.

RDNT has been the subject of a number of other reports. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $57.00 to $79.00 in a report on Friday, September 6th. Truist Financial raised their price target on RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $72.25.

RadNet Stock Performance

RDNT traded up $2.08 during midday trading on Thursday, hitting $69.19. 191,794 shares of the company traded hands, compared to its average volume of 548,040. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92. The firm has a market capitalization of $5.11 billion, a PE ratio of 230.63 and a beta of 1.74. The company’s 50-day moving average is $62.68 and its 200 day moving average is $56.48. RadNet has a 52 week low of $25.11 and a 52 week high of $70.37.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). The business had revenue of $459.70 million for the quarter, compared to analysts’ expectations of $438.53 million. RadNet had a net margin of 0.58% and a return on equity of 4.30%. RadNet’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 EPS. On average, research analysts expect that RadNet will post 0.58 EPS for the current year.

Insider Activity

In other news, EVP Michael N. Murdock sold 15,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the transaction, the executive vice president now owns 48,144 shares in the company, valued at $3,022,480.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 5.12% of the company’s stock.

Institutional Investors Weigh In On RadNet

A number of institutional investors and hedge funds have recently modified their holdings of RDNT. Charles Schwab Investment Management Inc. lifted its holdings in shares of RadNet by 2.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 606,207 shares of the medical research company’s stock worth $21,078,000 after purchasing an additional 11,891 shares during the period. Dimensional Fund Advisors LP lifted its holdings in RadNet by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,744,124 shares of the medical research company’s stock valued at $60,646,000 after acquiring an additional 71,714 shares during the period. Dynamic Technology Lab Private Ltd acquired a new position in RadNet in the fourth quarter valued at approximately $287,000. Assetmark Inc. lifted its holdings in RadNet by 35.2% in the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock valued at $111,000 after acquiring an additional 829 shares during the period. Finally, Hsbc Holdings PLC lifted its holdings in RadNet by 13.8% in the fourth quarter. Hsbc Holdings PLC now owns 242,160 shares of the medical research company’s stock valued at $8,487,000 after acquiring an additional 29,372 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.