BlackRock Fund Advisors recently announced the acquisition of new stake in Radnet Inc (NASDAQ:RDNT). The institutional investor has increased its shareholding in the Healthcare company by 7.99% to 7.99 million shares with purchase of 0.59 million shares. This fresh investment now brings its stake to 11.78% valued currently at $277.98 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.12 million to 4.06 million shares. And SSgA Funds Management, Inc. has lifted its position by 9.02% or 0.18 million shares – to 2.19 million shares.
With over 0.45 million Radnet Inc (RDNT) shares trading Friday and a closing price of $36.24 on the day, the dollar volume was approximately $16.48 million. The shares have shown a positive half year performance of 16.12% and its price on 01/12/24 lost nearly -1.68%. Currently, there are 67.89M common shares owned by the public and among those 57.96M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for RDNT have a consensus price objective of $40.20. The analysts have set the share’s price value over the next 12 months at a high of $42.00 and a low of $37.00. The average price target is 9.85% above its recent price level and an upside to the estimated low will see the stock gain 2.05% over that period. But an upside of 13.71% will see the stock hit the forecast high price target while median target price for the stock is $40.00.
Insiders at the company have transacted a total of 18 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 74,570 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 94,315 shares.
The top 3 mutual fund holders in Radnet Inc are iShares Core S&P Small Cap ETF, Edmond de Rothschild Fund – Big D, and Vanguard Total Stock Market ETF. iShares Core S&P Small Cap ETF owns 3.22 million shares of the company’s stock, all valued at over $111.79 million. Edmond de Rothschild Fund – Big D bought 0.35 million shares to see its total holdings expand to 1.94 million shares valued at over $67.38 million and representing 2.85% of the shares outstanding. Vanguard Total Stock Market ETF bought 3668.0 shares to bring its total holdings to over 1.86 million shares at a value of $64.7 million. Vanguard Total Stock Market ETF now owns shares totaling to 2.74% of the shares outstanding.
Shares of Radnet Inc (NASDAQ: RDNT) opened at $37.24, up $0.38 from a prior closing price of $36.86. However, the script later moved the day high at 37.42, down -1.68%. The company’s stock has a 5-day price change of 4.05% and 23.43% over the past three months. RDNT shares are trading 4.23% year to date (YTD), with the 12-month market performance up to 87.87% higher. It has a 12-month low price of $18.93 and touched a high of $37.97 over the same period. RDNT has an average intraday trading volume of 445.16K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.66%, 8.40%, and 18.19% respectively.
Institutional ownership of Radnet Inc (NASDAQ: RDNT) shares accounts for 78.33% of the company’s 67.89M shares outstanding. Mutual fund holders own 40.72%, while other institutional holders and individual stakeholders account for 8.97% and 37.99% respectively.
It has a market capitalization of $2.46B and a beta (3y monthly) value of 1.67. The stock’s trailing 12-month PE ratio is 3045.38, while the earnings-per-share (ttm) stands at $0.01. The company has a PEG of 203.03 and a Quick Ratio of 1.42 with the debt-to-equity ratio at 2.48. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.36% over the week and 3.12% over the month.
Analysts forecast that Radnet Inc (RDNT) will achieve an EPS of $0.16 for the current quarter, -$0.08 for the next quarter and $0.57 for 2024. The lowest estimate earnings-per-share for the quarter is $0.15 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was $0.11 a year ago. Earnings per share for the fiscal year are expected to increase by 88.24%, and 71.09% over the next financial year. EPS should shrink at an annualized rate of 15.00% over the next five years, compared to 175.06% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Radnet Inc (RDNT) as a “Strong Buy” at a consensus score of 1.20. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the RDNT, a number of firms have released research notes about the stock. Truist stated their Buy rating for the stock in a research note on August 31, 2023, with the firm’s price target at $40.
