Bank of America Corp DE Boosts Position in RadNet, Inc. $RDNT

Key Points

• Bank of America increased its RadNet stake by 15.1% in the first quarter, adding 77,198 shares to own 589,610 shares valued at approximately $33.0 million. Institutional investors collectively hold 77.9% of RadNet’s stock.
• RadNet reported quarterly revenue of $622.7 million, up 25% year over year, and earnings of $0.29 per share, beating analyst expectations of $0.20. Analysts currently have a “Moderate Buy” consensus rating and an $88 average price target.
• RadNet shares opened at $76.35, below their 52-week high of $85.84 but above their 50-day and 200-day moving averages. Recent insider activity included share sales by a director and the CEO.

Bank of America Corp DE raised its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 15.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 589,610 shares of the medical research company's stock after acquiring an additional 77,198 shares during the period. Bank of America Corp DE owned approximately 0.75% of RadNet worth $32,953,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in shares of RadNet in the fourth quarter worth about $25,000. Danske Bank A S purchased a new position in RadNet during the third quarter valued at approximately $30,000. Allworth Financial LP raised its position in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock valued at $30,000 after acquiring an additional 305 shares in the last quarter. Eurizon Capital SGR S.p.A. acquired a new position in RadNet in the fourth quarter valued at approximately $36,000. Finally, Harbour Investments Inc. acquired a new position in RadNet in the fourth quarter valued at approximately $42,000. Institutional investors and hedge funds own 77.90% of the company's stock.

RadNet Stock Down 1.2%

Shares of NASDAQ RDNT opened at $76.35 on Friday. The company's 50-day simple moving average is $63.31 and its 200-day simple moving average is $61.90. RadNet, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84. The firm has a market cap of $6.01 billion, a price-to-earnings ratio of -282.77 and a beta of 1.36. The company has a quick ratio of 1.17, a current ratio of 1.48 and a debt-to-equity ratio of 0.94.

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

Wall Street Analyst Weigh In

RDNT has been the topic of a number of analyst reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a research note on Friday, August 7th. Barclays decreased their target price on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, May 20th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday. Truist Financial raised their price target on shares of RadNet from $90.00 to $94.00 and gave the company a "buy" rating in a research report on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of RadNet in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $88.00.

Insider Activity

In other RadNet 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 transaction of $145,449.11. Following the completion of the transaction, the director owned 177,013 shares of the company's stock, valued at $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 Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The shares were 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 in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 5.14% of the company's stock.

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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