Ameriprise Financial Inc. Increases Stake in RadNet, Inc. $RDNT

Key Points

• Ameriprise Financial Inc. increased its stake in RadNet, Inc. by 180.6% in the first quarter, holding approximately 1.03% of the company's shares, valued at $38.6 million.
• Recent upgrades from analysts include Morgan Stanley raising RadNet to an "overweight" rating and B. Riley issuing a "buy" rating with a price objective of $69.00.
• RadNet reported a quarterly EPS of $0.31, exceeding expectations, and revenue of $498.23 million, which is an 8.4% increase compared to the same quarter last year.

Ameriprise Financial Inc. boosted its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 180.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 776,160 shares of the medical research company's stock after purchasing an additional 499,534 shares during the quarter. Ameriprise Financial Inc. owned about 1.03% of RadNet worth $38,593,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Headlands Technologies LLC purchased a new stake in RadNet in the first quarter worth about $28,000. Tower Research Capital LLC TRC grew its holdings in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares during the period. GAMMA Investing LLC grew its holdings in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after purchasing an additional 300 shares during the period. Aquatic Capital Management LLC purchased a new stake in RadNet in the fourth quarter worth about $187,000. Finally, Renaissance Technologies LLC purchased a new stake in RadNet in the fourth quarter worth about $237,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley assumed coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective on the stock. Truist Financial set a $74.00 price target on shares of RadNet in a report on Thursday, July 10th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, RadNet presently has a consensus rating of "Buy" and an average target price of $71.60.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 1,500 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total transaction of $100,470.00. Following the transaction, the chief executive officer owned 54,495 shares in the company, valued at $3,650,075.10. This represents a 2.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction that occurred on Wednesday, August 27th. The shares were sold at an average price of $71.10, for a total transaction of $355,500.00. Following the transaction, the chief operating officer owned 19,889 shares in the company, valued at approximately $1,414,107.90. This trade represents a 20.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 89,098 shares of company stock worth $6,045,105 in the last three months. 5.60% of the stock is currently owned by company insiders.

RadNet Stock Performance

Shares of RDNT opened at $71.76 on Friday. The business's fifty day simple moving average is $59.87 and its two-hundred day simple moving average is $56.26. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $93.65. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -358.78 and a beta of 1.43.

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

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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