Fulton Bank N.A. Acquires Shares of 6,829 RadNet, Inc. $RDNT

Key Points

• Fulton Bank N.A. has invested approximately $389,000 to acquire 6,829 shares of RadNet, Inc. during the second quarter.
• Multiple institutional investors, including Moran Wealth Management and GAMMA Investing, have increased their stakes in RadNet, collectively demonstrating growing institutional interest.
• RadiNet received several analyst upgrades, with Raymond James setting a new price target of $75.00, reflecting bullish sentiment on the stock's performance.

Fulton Bank N.A. acquired a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,829 shares of the medical research company's stock, valued at approximately $389,000.

Other hedge funds have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new position in shares of RadNet in the 1st quarter worth about $28,000. Family Legacy Financial Solutions LLC bought a new position in shares of RadNet in the 2nd quarter worth about $85,000. GAMMA Investing LLC raised its position in shares of 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 acquiring an additional 300 shares in the last quarter. Jones Financial Companies Lllp raised its position in shares of RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after acquiring an additional 1,448 shares in the last quarter. Finally, Strs Ohio bought a new position in shares of RadNet in the 1st quarter worth about $139,000. 77.90% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the transaction, the executive vice president directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Mark Stolper sold 35,000 shares of the company's stock in a transaction that occurred on Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total value of $2,586,150.00. Following the completion of the transaction, the executive vice president directly owned 68,012 shares of the company's stock, valued at approximately $5,025,406.68. This represents a 33.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,098 shares of company stock valued at $9,430,715 over the last quarter. Corporate insiders own 5.60% of the company's stock.

Analyst Ratings Changes

A number of brokerages recently commented on RDNT. B. Riley began coverage on RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 target price for the company. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Morgan Stanley raised RadNet to an "overweight" rating in a research report on Monday, August 11th. Barclays boosted their target price on RadNet from $60.00 to $79.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 target price (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $76.80.

RadNet Stock Performance

Shares of RDNT stock traded up $1.29 during trading on Tuesday, hitting $76.93. The company's stock had a trading volume of 136,754 shares, compared to its average volume of 810,033. The company has a market cap of $5.92 billion, a PE ratio of -383.29 and a beta of 1.54. 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 business has a fifty day moving average of $65.35 and a 200-day moving average of $57.95. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65.

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

About RadNet

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.