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 2.09% to 6.13 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 10.69% valued currently at $115.51 million. In addition, The Vanguard Group, Inc. raised its holdings by 70372.0 to 3.18 million shares. And Beck, Mack & Oliver LLC has lifted its position by 0.07% or 2023.0 shares – to 3.02 million shares.
With over 0.14 million RadNet Inc. (RDNT) shares trading Friday and a closing price of $20.62 on the day, the dollar volume was approximately $2.81 million. The shares have shown a positive half year performance of 1.63% and its price on 01/20/23 gained nearly 0.83%. Currently, there are 56.74M common shares owned by the public and among those 50.08M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 3 analysts who have offered their price forecasts for RDNT have a consensus price objective of $34.00. The analysts have set the share’s price value over the next 12 months at a high of $40.00 and a low of $28.00. The average price target is 39.35% above its recent price level and an upside to the estimated low will see the stock gain 26.36% over that period. But an upside of 48.45% will see the stock hit the forecast high price target while median target price for the stock is $34.00.
Insiders at the company have transacted a total of 11 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 4 of these insider trades were purchases, accounting for 25,076 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 40,200 shares.
The top 3 mutual fund holders in RadNet Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market Index, and Edmond de Rothschild Fund – Big D. iShares Core S&P Small Cap ETF owns 2.48 million shares of the company’s stock, all valued at over $46.78 million. Vanguard Total Stock Market Index bought 14449.0 shares to see its total holdings expand to 1.42 million shares valued at over $26.66 million and representing 2.47% of the shares outstanding. Edmond de Rothschild Fund – Big D bought 0.73 million shares to bring its total holdings to over 1.26 million shares at a value of $23.76 million. Edmond de Rothschild Fund – Big D now owns shares totaling to 2.20% of the shares outstanding.
Shares of RadNet Inc. (NASDAQ: RDNT) opened at $20.69, up $0.24 from a prior closing price of $20.45. However, the script later moved the day high at 20.77, up 0.83%. The company’s stock has a 5-day price change of 5.20% and 9.45% over the past three months. RDNT shares are trading 9.51% year to date (YTD), with the 12-month market performance down to -22.45% lower. It has a 12-month low price of $12.03 and touched a high of $27.70 over the same period. RDNT has an average intraday trading volume of 282.24K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 7.43%, 10.21%, and 6.19% respectively.
Institutional ownership of RadNet Inc. (NASDAQ: RDNT) shares accounts for 69.50% of the company’s 56.74M shares outstanding. Mutual fund holders own 34.47%, while other institutional holders and individual stakeholders account for 6.21% and 33.98% respectively.
It has a market capitalization of $1.17B and a beta (3y monthly) value of 1.57. The earnings-per-share (ttm) stands at -$0.01. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.25% over the week and 3.89% over the month.
Analysts forecast that RadNet Inc. (RDNT) will achieve an EPS of $0.16 for the current quarter, $0.16 for the next quarter and $0.51 for 2023. The lowest estimate earnings-per-share for the quarter is $0.14 while analysts give the company a high EPS estimate of $0.17. Comparatively, EPS for the current quarter was $0.21 a year ago. Earnings per share for the fiscal year are expected to increase by 209.30%, and 28.30% over the next financial year. EPS should shrink at an annualized rate of 15.00% over the next five years, compared to 15.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 3 brokerage firm advisors rate RadNet Inc. (RDNT) as a “Strong Buy” at a consensus score of 1.70. Specifically, 2 Wall Street analysts polled rate the stock as a buy, while 1 of the 3 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. Barclays stated their Overweight rating for the stock in a research note on August 12, 2021, with the firm’s price target at $39. Raymond James coverage for the RadNet Inc. (RDNT) stock in a research note released on March 15, 2019 offered a Outperform rating with a price target of $17.50. Sterne Agee CRT on their part issued Neutral rating on June 02, 2016.