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

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Beck Mack & Oliver LLC raised its stake in shares of RadNet by 6.9% in the 1st quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company's stock valued at $163,104,000 after acquiring an additional 211,570 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in shares of RadNet by 14.4% in the 1st 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 buying an additional 213,280 shares during the period. T. Rowe Price Investment Management Inc. boosted its holdings in shares of RadNet by 81.4% in the 1st 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 buying an additional 743,922 shares during the period. American Century Companies Inc. boosted its stake in RadNet by 507.9% during the 1st 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 during the period. Finally, Alyeska Investment Group L.P. boosted its stake in RadNet by 141.7% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company's stock valued at $60,404,000 after purchasing an additional 712,270 shares during the period. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Price Performance

RadNet stock traded down $0.14 during mid-day trading on Friday, hitting $76.44. 1,308,249 shares of the company were exchanged, compared to its average volume of 674,748. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a market capitalization of $5.88 billion, a P/E ratio of -382.18 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The business's 50 day simple moving average is $64.97 and its two-hundred day simple moving average is $57.77.

RadNet (NASDAQ:RDNT - Get Free Report) last issued 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 business had revenue of $498.23 million during 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 was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 earnings per share. Analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 10,000 shares of RadNet stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total value of $727,400.00. Following the sale, the chief operating officer directly owned 239,183 shares in the company, valued at approximately $17,398,171.42. The trade was a 4.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 500 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $72.13, for a total transaction of $36,065.00. Following the completion of the transaction, the chief executive officer directly owned 53,495 shares of the company's stock, valued at approximately $3,858,594.35. The trade was a 0.93% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 135,098 shares of company stock valued at $9,430,715. 5.60% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms recently commented on RDNT. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 target price (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley assumed coverage on shares of RadNet in a research note on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective for the company. Finally, Truist Financial increased their target price on shares of RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. 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's stock. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $76.80.

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.