RadNet (NASDAQ:RDNT) Receives Buy Rating from Truist Financial

RadNet (NASDAQ:RDNT)‘s stock had its “buy” rating reiterated by equities research analysts at Truist Financial in a note issued to investors on Wednesday,Benzinga reports. They presently have a $88.00 target price on the medical research company’s stock, down from their prior target price of $94.00. Truist Financial’s price target would indicate a potential upside of 37.34% from the company’s current price.

Several other research firms have also weighed in on RDNT. Jefferies Financial Group lowered their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Barclays lowered their price objective on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Sidoti upgraded RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.50.

RadNet Stock Performance

RDNT traded up $3.89 on Wednesday, hitting $64.08. 555,165 shares of the stock traded hands, compared to its average volume of 785,277. RadNet has a 52 week low of $35.16 and a 52 week high of $93.65. 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 $4.74 billion, a PE ratio of -914.34 and a beta of 1.79. The business has a fifty day moving average price of $75.23 and a two-hundred day moving average price of $68.63.

Insider Buying and Selling

In related news, insider Ranjan Jayanathan sold 38,557 shares of the 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 directly owns 192,724 shares in the company, valued at $15,417,920. This represents a 16.67 % 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, EVP David Jeffrey Katz sold 12,300 shares of the company’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $81.65, for a total value of $1,004,295.00. Following the transaction, the executive vice president now directly owns 62,909 shares in the company, 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. 5.12% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. State Street Corp lifted its holdings in RadNet by 1.3% during the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock worth $169,740,000 after buying an additional 30,244 shares in 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 worth $107,936,000 after buying an additional 11,613 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in RadNet by 8.5% during the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock worth $104,539,000 after buying an additional 118,501 shares in the last quarter. JB Capital Partners LP lifted its stake in shares of RadNet by 15.9% in the 3rd 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 period. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of RadNet by 11.8% in the 3rd 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.

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.