RDNT Stock Summary and Trading Ideas (Radnet | NASDAQ:RDNT)

RadNet Inc is a national provider of diagnostic imaging services that operates in two business segments; The Imaging Center segment provides physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders. Services include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET), nuclear medicine, mammography, ultrasound, diagnostic radiology (X-ray), fluoroscopy and other related procedures, and Artificial Intelligence segment develops and deploys clinical applications to enhance interpretation of medical images and improve patient outcomes with an emphasis on brain, breast, prostate, and pulmonary diagnostics. The company derives a majority of its revenue from the Imaging center segment.

Radnet trades on the NASDAQ stock market under the symbol RDNT.

As of April 24, 2024, RDNT stock price declined to $48.67 with 457,267 million shares trading.

RDNT has a beta of 1.48, meaning it tends to be more sensitive to market movements. RDNT has a correlation of 0.22 to the broad based SPY ETF.

RDNT has a market cap of $3.59 billion. This is considered a Mid Cap stock.

Last quarter Radnet reported $420 million in Revenue and $.20 earnings per share. This beat revenue expectation by $10 million and exceeded earnings estimates by $.05.

In the last 3 years, RDNT stock traded as high as $49.94 and as low as $12.03.

The top ETF exchange traded funds that RDNT belongs to (by Net Assets): IJR, VTI, IWM, VXF, IJT.

RDNT has outperformed the market in the last year with a price return of +74.0% while the SPY ETF gained +24.2%. RDNT has also outperformed the stock market ETF in the last 3 month and 2 week periods returning +29.0% and -0.7%, respectively, while the SPY returned +4.6% and -2.7%, respectively.

RDNT support price is $47.77 and resistance is $49.89 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that RDNT stock will trade within this expected range on the day.