19,257 Shares in RadNet, Inc. $RDNT Bought by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 19,257 RadNet shares during the second quarter, valued at approximately $1.16 million. Institutional investors collectively own 77.9% of RDNT’s outstanding stock.
• Analyst sentiment is generally positive, with RadNet receiving a “Moderate Buy” consensus rating and an average price target of $90. Barclays and Truist recently raised their targets to $79 and $94, respectively, although Weiss Ratings maintained a sell rating.
• RadNet’s latest quarterly results exceeded expectations, with earnings of $0.29 per share versus a $0.20 estimate and revenue of $622.72 million, up 25% year over year. The stock opened at $75.82, while company insiders recently sold shares.

Hsbc Holdings PLC acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 19,257 shares of the medical research company's stock, valued at approximately $1,163,000.

Other institutional investors have also modified their holdings of the company. AQR Capital Management LLC increased its stake in RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock worth $340,000 after buying an additional 350 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in RadNet by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company's stock valued at $1,956,000 after purchasing an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock valued at $85,000 after purchasing an additional 1,448 shares in the last quarter. United Services Automobile Association acquired a new stake in RadNet during the 1st quarter worth $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company's stock worth $21,904,000 after purchasing an additional 8,762 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Buying and Selling

In related news, Director David L. Swartz sold 2,699 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the transaction, the director directly owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company's stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.14% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

RDNT has been the subject of a number of recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Barclays increased their price objective on shares of RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a report on Friday. Finally, Truist Financial raised their target price on shares of RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $90.00.

RadNet Stock Up 1.6%

NASDAQ RDNT opened at $75.82 on Tuesday. The business's fifty day simple moving average is $67.71 and its 200-day simple moving average is $62.28. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The firm has a market cap of $5.97 billion, a PE ratio of -280.80 and a beta of 1.36. RadNet, Inc. has a 52 week low of $50.82 and a 52 week high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. The company had revenue of $622.72 million for the quarter, compared to the consensus estimate of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. RadNet's quarterly revenue was up 25.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 earnings per share. As a group, equities analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current year.

About RadNet

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.

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