Intech Investment Management LLC Buys 22,198 Shares of RadNet, Inc. $RDNT

Key Points

• Intech Investment Management LLC increased its stake in RadNet, Inc. by 49.8% during the first quarter, owning 66,809 shares valued at $3.3 million after acquiring an additional 22,198 shares.
• Multiple hedge funds, including T. Rowe Price and American Century Companies Inc., significantly raised their positions in RadNet during the same period, contributing to institutional investors owning 77.90% of the company's stock.
• RadNet reported earnings of $0.31 per share for the last quarter, surpassing analyst expectations, with a revenue of $498.23 million, an increase of 8.4% year-over-year.

Intech Investment Management LLC increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 49.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 66,809 shares of the medical research company's stock after buying an additional 22,198 shares during the quarter. Intech Investment Management LLC owned 0.09% of RadNet worth $3,322,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Headlands Technologies LLC acquired a new stake in shares of RadNet in the first quarter valued at about $28,000. GAMMA Investing LLC boosted its holdings in shares of RadNet by 22.3% during the first 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 during the period. Jones Financial Companies Lllp boosted its holdings in shares of RadNet by 563.4% during the first 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 during the period. US Bancorp DE boosted its stake in shares of RadNet by 4,620.8% in the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after buying an additional 3,558 shares during the period. Finally, Occudo Quantitative Strategies LP bought a new stake in shares of RadNet in the fourth quarter valued at approximately $269,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Activity at RadNet

In related news, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares of the company's stock, valued at $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the transaction, the executive vice president owned 86,774 shares in the company, valued at $5,927,531.94. This represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 135,098 shares of company stock valued at $9,430,715 over the last ninety days. Corporate insiders own 5.60% of the company's stock.

Wall Street Analysts Forecast Growth

RDNT has been the subject of several recent analyst reports. Morgan Stanley upgraded RadNet to an "overweight" rating in a research note on Monday, August 11th. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price objective (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Finally, Truist Financial raised their target price on RadNet from $74.00 to $81.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. 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 company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $76.80.

RadNet Price Performance

RDNT traded up $1.38 during trading on Thursday, reaching $76.58. The stock had a trading volume of 1,203,408 shares, compared to its average volume of 615,162. The stock has a market cap of $5.89 billion, a PE ratio of -382.88 and a beta of 1.54. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The business has a 50-day moving average of $64.55 and a 200-day moving average of $57.53.

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

RadNet Company 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.