Hsbc Holdings PLC Takes $1.16 Million Position in RadNet, Inc. $RDNT

Key Points

• HSBC Holdings acquired a new $1.16 million position in RadNet, purchasing 19,257 shares during the second quarter. Institutional investors and hedge funds collectively own 77.9% of RDNT.
• RadNet insiders recently sold shares: CEO Cornelis Wesdorp sold 4,750 shares and Director David L. Swartz sold 2,699 shares. Corporate insiders own 5.14% of the company.
• Wall Street’s outlook remains generally positive, with a consensus “Moderate Buy” rating and an average price target of $90. RadNet also exceeded quarterly earnings expectations, reporting $0.29 EPS and $622.72 million in revenue, up 25% year over year.

Hsbc Holdings PLC acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 19,257 shares of the medical research company's stock, valued at approximately $1,163,000.

Several other institutional investors have also recently added to or reduced their stakes in RDNT. Allworth Financial LP lifted its stake in RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company's stock worth $30,000 after acquiring an additional 305 shares in the last quarter. Danske Bank A S purchased a new stake in RadNet during the third quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new stake in shares of RadNet during the fourth quarter worth about $36,000. Harbour Investments Inc. acquired a new stake in shares of RadNet during the fourth quarter worth about $42,000. Finally, State of Wyoming purchased a new position in shares of RadNet in the second quarter valued at approximately $58,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Insiders Place Their Bets

In other RadNet news, 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 value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director David L. Swartz sold 2,699 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDNT has been the subject of several research reports. Truist Financial boosted their price target on shares of RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research note on Tuesday, August 11th. Barclays lifted their price objective on RadNet from $65.00 to $79.00 and gave the company an "overweight" rating in a research note on Friday, August 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of RadNet in a report on Friday, August 7th. Jefferies Financial Group reissued a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Finally, Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, RadNet currently has a consensus rating of "Moderate Buy" and an average price target of $90.00.

RadNet Price Performance

Shares of RDNT opened at $75.49 on Friday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The firm has a 50-day simple moving average of $69.84 and a 200-day simple moving average of $62.61. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of -279.58 and a beta of 1.41.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company had revenue of $622.72 million during the quarter, compared to analysts' expectations of $610.87 million. During the same period last year, the firm earned $0.31 EPS. The firm's revenue for the quarter was up 25.0% on a year-over-year basis. On average, equities research analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current year.

RadNet Company Profile

RadNet, Inc is an outpatient diagnostic imaging company that provides medical imaging services through a network of imaging centers and affiliated facilities. Its services support the diagnosis and monitoring of a wide range of medical conditions and are generally provided on an outpatient basis, outside of traditional hospital settings.

The company's imaging offerings include magnetic resonance imaging (MRI), computed tomography (CT), positron emission tomography (PET/CT), mammography, ultrasound, X-ray and other diagnostic procedures.

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