Gradient Investments LLC Buys Shares of 21,028 RadNet, Inc. $RDNT

Key Points

• Gradient Investments acquired 21,028 RadNet shares during the second quarter, worth approximately $1.3 million. Institutional investors collectively own 77.9% of the company.
• RadNet reported quarterly revenue of $575.6 million, up 22.1% year over year and above analyst expectations, but its adjusted loss of $0.28 per share missed estimates.
• Analyst sentiment remains moderately positive, with a consensus “Moderate Buy” rating and an average price target of $87.43, although some firms recently downgraded the stock or lowered their targets.

Gradient Investments LLC 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 21,028 shares of the medical research company's stock, valued at approximately $1,297,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RDNT. Crossmark Global Holdings Inc. raised its position in shares of RadNet by 3.3% in the fourth quarter. Crossmark Global Holdings Inc. now owns 5,048 shares of the medical research company's stock valued at $360,000 after buying an additional 163 shares during the last quarter. Summit Financial LLC grew its stake in RadNet by 1.3% in the 4th quarter. Summit Financial LLC now owns 12,563 shares of the medical research company's stock worth $896,000 after acquiring an additional 166 shares during the period. Bank of Montreal Can grew its stake in RadNet by 3.3% in the 4th quarter. Bank of Montreal Can now owns 5,557 shares of the medical research company's stock worth $396,000 after acquiring an additional 180 shares during the period. PNC Financial Services Group Inc. raised its holdings in RadNet by 2.9% in the 1st quarter. PNC Financial Services Group Inc. now owns 7,392 shares of the medical research company's stock valued at $413,000 after acquiring an additional 207 shares during the last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in RadNet by 16.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,586 shares of the medical research company's stock valued at $113,000 after acquiring an additional 225 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of NASDAQ:RDNT opened at $72.39 on Monday. The business has a 50-day moving average of $60.95 and a two-hundred day moving average of $61.66. The firm has a market capitalization of $5.69 billion, a PE ratio of -402.14 and a beta of 1.36. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. RadNet, Inc. has a 12 month low of $50.82 and a 12 month high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The firm had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. During the same period in the prior year, the firm earned ($0.50) earnings per share. The business's revenue for the quarter was up 22.1% on a year-over-year basis. As a group, research analysts forecast that RadNet, Inc. will post 0.52 earnings per share for the current year.

Insider Activity at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the business's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares in the company, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company's stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 5.14% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RDNT shares. Jefferies Financial Group restated a "buy" rating on shares of RadNet in a report on Friday, July 31st. Zacks Research downgraded RadNet from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Barclays dropped their price objective on shares of RadNet from $70.00 to $65.00 and set an "overweight" rating for the company in a research note on Wednesday, May 20th. Finally, Weiss Ratings lowered shares of RadNet from a "sell (d)" rating to a "sell (d-)" rating in a report on Tuesday, May 12th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $87.43.

RadNet Company Profile

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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