Allspring Global Investments Holdings LLC Has $74.38 Million Holdings in RadNet, Inc. $RDNT

Key Points

• Allspring Global Investments Holdings LLC cut its stake in RadNet by 39.9%, selling 694,773 shares and finishing the quarter with 1,048,327 shares worth $74.38 million (about 1.36% of the company).
• Analysts hold a consensus rating of Moderate Buy with an average price target of $90.43, well above RadNet's recent share price (~$55.89).
• RadNet beat expectations last quarter with EPS of $0.23 and revenue of $547.7M (up 14.8% YoY), but still reports a negative net margin and a negative trailing P/E.

Allspring Global Investments Holdings LLC decreased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 39.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,327 shares of the medical research company's stock after selling 694,773 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 1.36% of RadNet worth $74,379,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Allworth Financial LP boosted its holdings in shares of RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock worth $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S acquired a new position in RadNet in the 3rd quarter valued at $30,000. Farther Finance Advisors LLC grew its holdings in RadNet by 1,086.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company's stock valued at $33,000 after buying an additional 402 shares in the last quarter. Jones Financial Companies Lllp increased its position in RadNet by 62.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company's stock worth $34,000 after buying an additional 171 shares during the period. Finally, Salomon & Ludwin LLC bought a new position in RadNet during the 3rd quarter worth $37,000. 77.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

RDNT has been the subject of a number of recent research reports. Truist Financial set a $90.00 target price on shares of RadNet in a research report on Wednesday, December 17th. Jefferies Financial Group reiterated a "buy" rating and issued a $91.00 price target on shares of RadNet in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research note on Monday, December 29th. Raymond James Financial reiterated a "strong-buy" rating on shares of RadNet in a research report on Thursday, December 18th. Finally, KeyCorp raised RadNet to a "strong-buy" rating in a report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $90.43.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $55.89 on Wednesday. The company has a market cap of $4.34 billion, a price-to-earnings ratio of -223.56 and a beta of 1.49. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.76 and a quick ratio of 1.76. The firm has a 50 day simple moving average of $66.80 and a 200 day simple moving average of $73.11. RadNet, Inc. has a one year low of $45.00 and a one year high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, topping analysts' consensus estimates of $0.19 by $0.04. The firm had revenue of $547.71 million for the quarter, compared to analysts' expectations of $515.67 million. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The company's revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.22 earnings per share. Research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the business's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $62.15, for a total transaction of $932,250.00. Following the sale, the insider directly owned 1,208,923 shares of the company's stock, valued at $75,134,564.45. The trade was a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.60% of the stock is currently owned by corporate insiders.

RadNet Profile

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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