Intech Investment Management LLC Acquires 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 boosted its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 49.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 66,809 shares of the medical research company's stock after acquiring an additional 22,198 shares during the quarter. Intech Investment Management LLC owned 0.09% of RadNet worth $3,322,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Beck Mack & Oliver LLC raised its stake in shares of RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company's stock worth $163,104,000 after purchasing an additional 211,570 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of RadNet by 14.4% during the first 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 last quarter. T. Rowe Price Investment Management Inc. grew its holdings in RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock worth $82,417,000 after buying an additional 743,922 shares in the last quarter. American Century Companies Inc. raised its position in RadNet by 507.9% in 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 buying an additional 1,063,516 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted 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 acquiring an additional 712,270 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total transaction of $100,470.00. Following the completion of the transaction, the chief executive officer owned 54,495 shares of the company's stock, valued at $3,650,075.10. This represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 99,598 shares of company stock worth $6,808,500 over the last three months. Company insiders own 5.60% of the company's stock.

RadNet Stock Performance

Shares of RDNT opened at $74.01 on Friday. The firm has a market cap of $5.69 billion, a PE ratio of -370.03 and a beta of 1.54. The stock's fifty day moving average price is $63.04 and its two-hundred day moving average price is $56.97. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65.

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 for the quarter, topping the consensus estimate of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The company had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm's quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently issued reports on RDNT. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. B. Riley initiated coverage on shares of RadNet in a research report on Friday, June 13th. They issued a "buy" rating and a $69.00 price objective for the company. Truist Financial lifted 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. Finally, Morgan Stanley upgraded RadNet to an "overweight" rating in a research note on Monday, August 11th. 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 company presently has an average rating of "Buy" and an average target price of $76.80.

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.

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