Invesco Ltd. Sells 210,244 Shares of RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Invesco Ltd. reduced its stake in RadNet, Inc. by 12.1% during Q1, selling 210,244 shares and retaining a total of 1,520,830 shares valued at approximately $75.6 million.
• Institutional investors collectively hold 77.90% of RadNet's stock, with various firms making significant adjustments to their holdings in recent quarters.
• RadNet reported Q2 earnings of $0.31 per share, surpassing estimates, with revenue reaching $498.23 million, up 8.4% compared to the previous year.

Invesco Ltd. decreased its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 12.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,520,830 shares of the medical research company's stock after selling 210,244 shares during the period. Invesco Ltd. owned about 2.03% of RadNet worth $75,616,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new position in shares of RadNet in the 1st quarter worth $28,000. Tower Research Capital LLC TRC increased its holdings in shares of RadNet by 42.2% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after buying an additional 422 shares during the last quarter. Canada Pension Plan Investment Board bought a new position in shares of RadNet in the 4th quarter worth $105,000. GAMMA Investing LLC increased its holdings in shares of RadNet by 22.3% in the 1st quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new position in shares of RadNet in the 4th quarter worth $187,000. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total transaction of $3,106,400.00. Following the completion of the sale, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This represents a 4.52% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the sale, the executive vice president directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. The trade was a 16.38% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 5.60% of the company's stock.

RadNet Trading Down 1.9%

Shares of RDNT opened at $67.45 on Friday. The stock has a market capitalization of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The company has a quick ratio of 2.01, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. The firm has a fifty day simple moving average of $57.37 and a two-hundred day simple moving average of $55.88. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share 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 analysts' expectations of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.16 EPS. On average, research analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RDNT shares. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Truist Financial set a $74.00 target price on shares of RadNet in a report on Thursday, July 10th. Raymond James Financial reaffirmed a "strong-buy" rating and set a $75.00 target price (up previously from $66.00) on shares of RadNet in a report on Wednesday. Finally, Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday. One research analyst has rated the stock with a hold rating, four have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, RadNet has a consensus rating of "Buy" and a consensus target price of $71.60.

RadNet 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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