RadNet, Inc., a leading provider of outpatient diagnostic imaging services in the United States, saw its share price reach a new 52-week high during Friday’s trading session. The stock traded as high as $67.57 and closed at $67.53, with a volume of 6,680 shares changing hands. This surge in price follows recent analyst reports and upgrades.
Barclays, one of the major financial institutions, upgraded RadNet from an “equal weight” rating to an “overweight” rating, while raising the price target from $57.00 to $79.00. StockNews.com, on the other hand, downgraded the stock from a “hold” rating to a “sell” rating. Jefferies Financial Group increased their target price from $61.00 to $75.00 and gave the stock a “buy” rating. Truist Financial also raised their price target from $63.00 to $70.00, maintaining a “buy” rating.
Insider trading activity has been observed within RadNet, with EVP Alma Gregory Sorensen selling 5,000 shares at an average price of $61.24, totaling $306,200. Following this transaction, Sorensen now holds 1,249,205 shares of the company’s stock. Additionally, Director Lawrence L. Levitt sold 4,000 shares at an average price of $57.77, amounting to $231,080. Insiders have collectively sold 95,330 shares, valued at $5,874,652, over the past three months. Company insiders currently own 5.12% of the stock.
Institutional investors have also shown interest in RadNet, with Vanguard Group Inc. increasing its position by 0.8% during the fourth quarter. RTW Investments LP and UniSuper Management Pty Ltd have also acquired stakes in the company. Janus Henderson Group PLC and Russell Investments Group Ltd. have significantly boosted their holdings in RadNet.
RadNet recently reported its quarterly earnings, with the medical research company posting $0.16 EPS for the quarter, slightly missing analysts’ consensus estimates of $0.17. The company generated $459.70 million in revenue, surpassing expectations of $438.53 million. Despite the slight earnings miss, RadNet’s quarterly revenue increased by 13.9% year-over-year.
Based on data from MarketBeat, analysts anticipate that RadNet, Inc. will post an EPS of 0.58 for the current fiscal year.