California State Teachers Retirement System grew its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 25.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 77,646 shares of the medical research company's stock after acquiring an additional 15,746 shares during the quarter. California State Teachers Retirement System owned about 0.10% of RadNet worth $4,340,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of RDNT. RTW Investments LP boosted its holdings in RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock valued at $281,012,000 after acquiring an additional 1,122,956 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in RadNet by 30.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock worth $192,581,000 after acquiring an additional 627,936 shares in the last quarter. State Street Corp increased its holdings in shares of RadNet by 1.6% in the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock valued at $184,017,000 after acquiring an additional 41,356 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RadNet by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock worth $119,283,000 after acquiring an additional 6,655 shares during the last quarter. Finally, Invesco Ltd. boosted its position in RadNet by 26.4% during the 4th quarter. Invesco Ltd. now owns 1,596,780 shares of the medical research company's stock valued at $113,930,000 after purchasing an additional 333,911 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.
RadNet Price Performance
Shares of RadNet stock opened at $72.39 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet, Inc. has a 1-year low of $50.82 and a 1-year high of $85.84. The firm has a fifty day simple moving average of $60.95 and a 200-day simple moving average of $61.73. The stock has a market capitalization of $5.69 billion, a price-to-earnings ratio of -402.14 and a beta of 1.36.
RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The business had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The company's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.50) earnings per share. On average, sell-side analysts expect that RadNet, Inc. will post 0.52 earnings per share for the current year.
Insider Buying and Selling
In related news, Director David L. Swartz sold 2,699 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director owned 177,013 shares of the company's stock, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was 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 directly owned 69,075 shares of the company's stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 5.14% of the stock is currently owned by company insiders.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on RDNT. Zacks Research cut RadNet from a "hold" rating to a "strong sell" rating in a research note on Monday, July 13th. Barclays reduced their price objective on RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, May 20th. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a report on Friday, July 31st. Finally, Weiss Ratings lowered shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a research report on Tuesday, May 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $87.43.
Read Our Latest Report on RDNT
RadNet Company Profile
(
Free Report)
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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