RadNet (NASDAQ:RDNT) Shares Gap Down – Here’s What Happened

RadNet, Inc. (NASDAQ:RDNT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $57.60, but opened at $50.00. RadNet shares last traded at $49.47, with a volume of 375,605 shares traded.

Wall Street Analysts Forecast Growth

RDNT has been the topic of several recent analyst reports. Truist Financial reaffirmed a “buy” rating and set a $88.00 target price (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Jefferies Financial Group cut 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, Barclays lowered their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, RadNet presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.50.

RadNet Stock Performance

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 stock has a market capitalization of $4.11 billion, a PE ratio of -792.32 and a beta of 1.79. The firm has a 50 day moving average price of $65.77 and a 200-day moving average price of $69.04.

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

Institutional Investors Weigh In On RadNet

Hedge funds have recently added to or reduced their stakes in the business. Covestor Ltd lifted its holdings in shares of RadNet by 10,875.0% in the 3rd quarter. Covestor Ltd now owns 439 shares of the medical research company’s stock valued at $30,000 after buying an additional 435 shares during the period. USA Financial Formulas purchased a new position in RadNet during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp lifted its holdings in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after acquiring an additional 305 shares during the period. Highline Wealth Partners LLC purchased a new stake in RadNet in the 3rd quarter worth approximately $68,000. Finally, Peterson Financial Group Inc. acquired a new stake in shares of RadNet during the 3rd quarter worth approximately $90,000. 77.90% of the stock is owned by hedge funds and other 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.