RadNet (NASDAQ:RDNT) Shares Gap Up – Here’s Why

RadNet, Inc. (NASDAQ:RDNT) gapped up prior to trading on Thursday . The stock had previously closed at $79.85, but opened at $82.80. RadNet shares last traded at $82.16, with a volume of 14,284 shares changing hands.

Analyst Upgrades and Downgrades

RDNT has been the topic of a number of research reports. Truist Financial upped their price objective on RadNet from $70.00 to $80.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Barclays raised RadNet from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $57.00 to $79.00 in a report on Friday, September 6th. Jefferies Financial Group upped their price objective on RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a report on Thursday, September 19th. Finally, Sidoti raised RadNet to a “strong-buy” rating in a report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.75.

RadNet Trading Up 0.9 %

The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $6.07 billion, a P/E ratio of -1,165.94 and a beta of 1.75. The firm has a 50-day moving average of $70.73 and a two-hundred day moving average of $63.83.

Insider Buying and Selling

In related news, insider Ranjan Jayanathan sold 38,557 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly 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 filing with the Securities & Exchange Commission, which is available through this link. 5.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On RadNet

A number of institutional investors and hedge funds have recently bought and sold shares of RDNT. Covestor Ltd increased its holdings in RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock worth $30,000 after purchasing an additional 435 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in RadNet by 774.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock worth $50,000 after purchasing an additional 751 shares in the last quarter. GAMMA Investing LLC increased its holdings in RadNet by 74.7% in the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after purchasing an additional 370 shares in the last quarter. Highline Wealth Partners LLC acquired a new position in RadNet in the 3rd quarter worth about $68,000. Finally, Peterson Financial Group Inc. acquired a new position in RadNet in the 3rd quarter worth about $90,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

About RadNet

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.