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RadNet (RDNT) Stock Jumps 16%: Will It Continue to Soar?

RadNet RDNT shares ended the last trading session 16% higher at $20.84. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.4% loss over the past four weeks.

RadNet recorded a strong price increase backed by its robust overall second-quarter 2022 results, which it reported in August. During the reported quarter, it established two new joint ventures — the first in Frederick County, MD with Frederick Health Hospital (which became operational in April) and the second with Dimension Health, an affiliate of the University of Maryland (in June). Also, anticipated better-than-expected third-quarter 2022 results with the latest Zacks Consensus Estimate showing significant upward revision for its quarterly revenues compared to the year-ago reported number raise optimism about the stock.

This operator of medical diagnostic imaging centers is expected to post quarterly earnings of $0.13 per share in its upcoming report, which represents a year-over-year change of -38.1%. Revenues are expected to be $350.17 million, up 5.3% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For RadNet, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on RDNT going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

RadNet belongs to the Zacks Medical - Outpatient and Home Healthcare industry. Another stock from the same industry, Greenbrook TMS Inc. GBNH, closed the last trading session 0.7% lower at $2.81. Over the past month, GBNH has returned -18%.

For Greenbrook TMS Inc., the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.22. This represents no change from what the company reported a year ago. Greenbrook TMS Inc. currently has a Zacks Rank of #3 (Hold).

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