Citigroup Inc. Raises Stake in RadNet, Inc. (NASDAQ:RDNT)

Citigroup Inc. increased its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 74.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,616 shares of the medical research company's stock after purchasing an additional 133,682 shares during the period. Citigroup Inc. owned approximately 0.42% of RadNet worth $15,543,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Summit Investment Advisors Inc. increased its position in shares of RadNet by 3.3% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock valued at $483,000 after purchasing an additional 219 shares during the last quarter. Moran Wealth Management LLC grew its holdings in RadNet by 2.2% during the 1st quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock valued at $529,000 after buying an additional 225 shares in the last quarter. Xponance Inc. increased its holdings in RadNet by 5.0% in the 1st quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock valued at $249,000 after acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC lifted its stake in RadNet by 22.3% in the 1st 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 in the last quarter. Finally, Tower Research Capital LLC TRC grew its holdings in shares of 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 valued at $99,000 after purchasing an additional 422 shares in the last quarter. Institutional investors own 77.90% of the company's stock.

Insider Activity

In other news, EVP David Jeffrey Katz sold 17,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the sale, the executive vice president owned 86,774 shares in the company, valued at approximately $5,927,531.94. The trade was a 16.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the business's 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 sale, the executive vice president owned 1,160,509 shares in the company, valued at $65,545,548.32. The trade was a 4.52% decrease in their position. The disclosure for this sale can be found here. Insiders own 5.60% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RDNT. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Wall Street Zen upgraded 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 research report on Thursday, July 10th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research report on Wednesday. One investment analyst has rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus target price of $71.60.

RadNet Trading Down 1.9%

RDNT stock traded down $1.30 during trading on Friday, hitting $67.45. The company had a trading volume of 1,388,172 shares, compared to its average volume of 995,100. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a 50 day simple moving average of $57.37 and a 200-day simple moving average of $55.88. The firm has a market capitalization of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The company has a quick ratio of 2.01, a current ratio of 2.00 and a debt-to-equity ratio of 0.91.

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

RadNet 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.