Vanguard Group Inc. Grows Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Vanguard Group Inc. lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 1.0% during the fourth quarter, Holdings Channel reports. The institutional investor owned 7,425,218 shares of the medical research company’s stock after buying an additional 71,910 shares during the quarter. Vanguard Group Inc. owned about 0.10% of RadNet worth $518,577,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Franklin Resources Inc. grew its holdings in RadNet by 12.0% in the third quarter. Franklin Resources Inc. now owns 387,061 shares of the medical research company’s stock worth $27,334,000 after purchasing an additional 41,381 shares during the last quarter. KBC Group NV grew its stake in RadNet by 47.6% during the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock worth $187,000 after buying an additional 864 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock valued at $103,532,000 after buying an additional 344,146 shares in the last quarter. JPMorgan Chase & Co. raised its stake in RadNet by 1.4% in the third quarter. JPMorgan Chase & Co. now owns 132,997 shares of the medical research company’s stock valued at $9,229,000 after buying an additional 1,838 shares during the last quarter. Finally, WCM Investment Management LLC purchased a new stake in RadNet in the fourth quarter valued at about $14,110,000. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Up 0.6 %

RDNT stock opened at $49.72 on Tuesday. The company has a market capitalization of $3.68 billion, a P/E ratio of -710.18 and a beta of 1.85. RadNet, Inc. has a 12 month low of $45.82 and a 12 month high of $93.65. The firm’s fifty day simple moving average is $57.35 and its 200-day simple moving average is $67.01. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, equities research analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In other news, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at $3,101,957.10. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the business’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares of the company’s stock, valued at approximately $13,042,938.61. This represents a 1.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RDNT. Truist Financial restated a “buy” rating and set a $88.00 price objective (down previously from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. StockNews.com upgraded shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price objective for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. Jefferies Financial Group cut their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Finally, Barclays reduced their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $73.25.

RadNet Company Profile

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.