Expect Equity LLC Acquires New Holdings in RadNet, Inc. $RDNT

Key Points

• Expect Equity LLC has acquired a new stake in RadNet, Inc., purchasing 11,832 shares valued at approximately $588,000 during the first quarter of the year.
• Multiple institutional investors, including T. Rowe Price Investment Management and American Century Companies, have increased their holdings in RadNet significantly, showcasing a growing interest in the company.
• Analysts maintain a generally positive outlook on RadNet, with several firms upgrading their ratings, resulting in an average rating of "Buy" and a consensus price target of $71.60.

Expect Equity LLC acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 11,832 shares of the medical research company's stock, valued at approximately $588,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. RTW Investments LP raised its stake in shares of RadNet by 9.4% during the fourth quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after purchasing an additional 169,978 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of RadNet by 14.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock valued at $85,511,000 after purchasing an additional 213,280 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock valued at $82,417,000 after purchasing an additional 743,922 shares in the last quarter. American Century Companies Inc. raised its stake in shares of RadNet by 507.9% during the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock valued at $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its stake in shares of RadNet by 180.6% during the first quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company's stock valued at $38,593,000 after purchasing an additional 499,534 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

RadNet Price Performance

NASDAQ RDNT opened at $71.79 on Friday. The stock's 50-day moving average price is $59.54 and its two-hundred day moving average price is $56.19. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The company has a market cap of $5.52 billion, a PE ratio of -358.93 and a beta of 1.43. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. The firm 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 business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. On average, analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

Insiders Place Their Bets

In other RadNet news, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction dated Tuesday, August 19th. The stock was 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 of the company's stock, valued at $3,650,075.10. The trade was a 2.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the transaction, the executive vice president directly owned 86,774 shares in the company, valued at approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,098 shares of company stock worth $5,689,605. Company insiders own 5.60% of the company's stock.

Analyst Ratings Changes

RDNT has been the topic of several research reports. Raymond James Financial reiterated 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, August 13th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. B. Riley initiated coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Finally, Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $71.60.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.