RadNet (NASDAQ:RDNT) Hits New 52-Week Low – What’s Next?

RadNet, Inc. (NASDAQ:RDNT)’s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $45.00 and last traded at $47.34, with a volume of 753 shares changing hands. The stock had previously closed at $48.70.

Analysts Set New Price Targets

RDNT has been the topic of several research analyst reports. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and decreased their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. StockNews.com raised RadNet to a “sell” rating in a report on Wednesday, March 19th. Truist Financial reiterated a “buy” rating and issued a $88.00 price objective (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Barclays lowered their price objective on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, RadNet presently has an average rating of “Buy” and a consensus target price of $73.25.

RadNet Trading Up 2.1 %

The stock has a market cap of $3.68 billion, a P/E ratio of -710.27 and a beta of 1.59. The business’s 50 day simple moving average is $56.32 and its 200 day simple moving average is $66.54. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. The business had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. On average, analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares in the company, valued at $3,101,957.10. This represents a 3.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction on Monday, March 17th. The shares were sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares of the company’s stock, valued at approximately $13,042,938.61. The trade was a 1.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 in the last quarter. 5.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank acquired a new position in shares of RadNet during the fourth quarter valued at $56,381,000. Raymond James Financial Inc. bought a new stake in RadNet during the 4th quarter worth about $33,090,000. T. Rowe Price Investment Management Inc. lifted its position in RadNet by 79.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company’s stock valued at $63,813,000 after purchasing an additional 404,241 shares during the period. Tidal Investments LLC boosted its stake in shares of RadNet by 7,219.2% in the 4th quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company’s stock valued at $27,189,000 after purchasing an additional 383,989 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock worth $103,532,000 after buying an additional 344,146 shares during the period. 77.90% of the stock is currently owned by institutional investors.

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.