Bank of America Corp DE Invests $25.94 Million in RadNet, Inc. $RDNT

Key Points

• Bank of America acquired a new $25.94 million stake in RadNet, purchasing 420,661 shares and owning approximately 0.53% of the company at the end of the second quarter. Institutional investors collectively own 77.90% of RadNet.
• Analyst sentiment is generally positive, with RadNet receiving a consensus “Moderate Buy” rating and an average price target of $90.00; Truist and Barclays recently raised their targets to $94 and $79, respectively.
• RadNet’s latest quarterly results exceeded expectations, reporting $0.29 in adjusted earnings per share versus the $0.20 consensus and revenue of $622.72 million, up 25% year over year.

Bank of America Corp DE acquired a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 420,661 shares of the medical research company's stock, valued at approximately $25,942,000. Bank of America Corp DE owned 0.53% of RadNet at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of RDNT. Eurizon Capital SGR S.p.A. bought a new position in shares of RadNet during the 4th quarter worth about $36,000. Harbour Investments Inc. acquired a new stake in RadNet during the fourth quarter worth $42,000. Parallel Advisors LLC boosted its stake in RadNet by 80.0% during the first quarter. Parallel Advisors LLC now owns 1,114 shares of the medical research company's stock worth $62,000 after buying an additional 495 shares in the last quarter. Clearstead Advisors LLC increased its holdings in RadNet by 176.8% in the 4th quarter. Clearstead Advisors LLC now owns 1,121 shares of the medical research company's stock valued at $80,000 after buying an additional 716 shares during the period. Finally, Leonteq Securities AG increased its holdings in RadNet by 4,651.2% in the 1st quarter. Leonteq Securities AG now owns 2,043 shares of the medical research company's stock valued at $114,000 after buying an additional 2,000 shares during the period. Institutional investors own 77.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RDNT shares. Raymond James Financial reaffirmed a "strong-buy" rating on shares of RadNet in a report on Tuesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of RadNet in a research note on Friday, August 7th. Truist Financial raised their target price on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Barclays increased their target price on shares of RadNet from $65.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, August 28th. Finally, Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, RadNet has a consensus rating of "Moderate Buy" and an average target price of $90.00.

RadNet Price Performance

Shares of RDNT stock opened at $73.21 on Thursday. RadNet, Inc. has a 1 year low of $50.82 and a 1 year high of $85.84. The firm's 50 day moving average is $71.46 and its 200-day moving average is $62.82. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of -271.14 and a beta of 1.41. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. RadNet's revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.31 earnings per share. Sell-side analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

About RadNet

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of imaging centers and affiliated facilities. Its services support the diagnosis and monitoring of a wide range of medical conditions and are generally provided on an outpatient basis, outside of traditional hospital settings.

The company's imaging offerings include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray and other diagnostic procedures.

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