The Chart of the Day belongs to the diagnostic imaging company RadNet (RDNT) . I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on 2/16 the stock gained 28.97%.
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. The company also develops and sells computerized systems that distribute, display, store, and retrieve digital images; offers picture archiving communications systems and related services; and develops and deploys AI suites to enhance radiologist interpretation of breast, lung, and prostate images, as well as AI solutions for prostate cancer screening. RadNet, Inc. was founded in 1981 and is headquartered in Los Angeles, California.
Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the Barchart.com website when you read this report.
Barchart Technical Indicators:
- 100% technical buy signals
- 48.38+Weighted Alpha
- 30.57% gain in the last year
- Trend Seeker buy signal
- Above its 20, 50 and 100 day moving averages
- 11 new highs and up 16.78% in the last month
- Relative Strength Index 78.37%
- Recently traded at $27.31 with 50 day moving average of $22.97
Fundamental Factors:
- Market Cap $1.53 billion
- Revenue expected to grow 8.90% this year and another 6.80% next year
- Earnings are estimated to increase 28.60% this year, an additional 77.80% next year and continue to compound at an annual rate of 15.00% for the next 5 years
Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:
- Wall Street analysts issued 2 strong buy, 1 buy and 1 hold opinions on the stock
- Their price targets are $28.00 to $40.00 with a consensus of $32.00 for about another 17%+ gain
- The individual investors following the stock on Motley Fool voted 63 to 4 for the stock to beat the market with the more experienced investors voting 12 to 2 for the same result
- Value Line gives it their average rating of 3
- CFRAs MarketScope has a buy rating
- Zack comments: The company carries a Zacks Rank #2 and has a VGM Score of A. The Zacks Consensus Estimate for earnings has moved 6.3% and 48.4% north for 2023 and 2024, respectively, in the past 30 days. Shares of RDNT have rallied 27.2% so far this year.
- 2,690 investors monitor the stock on Seeking Alpha
Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in the next 72 hours.
Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.
On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
