American Century Companies Inc. Acquires 1,063,516 Shares of RadNet, Inc. $RDNT

Key Points

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American Century Companies Inc. increased its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 507.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,272,928 shares of the medical research company's stock after purchasing an additional 1,063,516 shares during the quarter. American Century Companies Inc. owned 1.70% of RadNet worth $63,290,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Oak Ridge Investments LLC acquired a new position in RadNet during the 1st quarter worth approximately $1,763,000. Neuberger Berman Group LLC lifted its stake in RadNet by 29.3% in the 1st quarter. Neuberger Berman Group LLC now owns 258,979 shares of the medical research company's stock valued at $12,876,000 after purchasing an additional 58,698 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of RadNet by 15.0% in the first quarter. Russell Investments Group Ltd. now owns 101,018 shares of the medical research company's stock valued at $5,023,000 after buying an additional 13,147 shares during the period. HighTower Advisors LLC increased its stake in shares of RadNet by 6.2% in the first quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock valued at $465,000 after buying an additional 548 shares during the period. Finally, Public Sector Pension Investment Board increased its stake in shares of RadNet by 27.3% in the first quarter. Public Sector Pension Investment Board now owns 206,633 shares of the medical research company's stock valued at $10,274,000 after buying an additional 44,361 shares during the period. Institutional investors own 77.90% of the company's stock.

RadNet Trading Down 1.7%

Shares of RadNet stock opened at $66.29 on Tuesday. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The firm has a market cap of $5.10 billion, a PE ratio of -331.43 and a beta of 1.43. The stock has a fifty day moving average price of $57.52 and a 200-day moving average price of $55.80. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The firm had revenue of $498.23 million during the quarter, compared to analyst estimates of $488.06 million. During the same period last year, the firm posted $0.16 EPS. The business's revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on RDNT shares. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday. Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. B. Riley initiated coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price target on the stock. Finally, Morgan Stanley upgraded RadNet to an "overweight" rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the stock. According to data from MarketBeat.com, RadNet has an average rating of "Buy" and an average target price of $71.60.

Insider Activity

In related news, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the sale, the executive vice president owned 86,774 shares of the company's stock, valued at approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the sale, the executive vice president directly owned 1,160,509 shares of the company's stock, valued at approximately $65,545,548.32. This trade represents a 4.52% decrease in their position. The disclosure for this sale can be found here. Company insiders own 5.60% of the company's stock.

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.

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