Neuberger Berman Group LLC Purchases 58,698 Shares of RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Neuberger Berman Group LLC increased its stake in RadNet, Inc. by 29.3%, acquiring an additional 58,698 shares to hold a total of 258,979 shares worth approximately $12.87 million.
• Various institutional investors, including US Bancorp DE, exhibited significant movements, with US Bancorp increasing its holdings in RadNet by 4,620.8% during the first quarter.
• Wall Street analysts have issued mixed ratings on RadNet; Morgan Stanley upgraded it to "overweight," while others have set a consensus price target of $71.60 despite one analyst rating it as a "sell."

Neuberger Berman Group LLC raised its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 29.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,979 shares of the medical research company's stock after buying an additional 58,698 shares during the quarter. Neuberger Berman Group LLC owned about 0.35% of RadNet worth $12,876,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of RDNT. Rhumbline Advisers boosted its holdings in shares of RadNet by 1.1% in the first quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company's stock valued at $8,740,000 after acquiring an additional 1,895 shares during the period. GAMMA Investing LLC lifted its holdings in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock valued at $82,000 after acquiring an additional 300 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in RadNet by 28.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company's stock valued at $345,000 after acquiring an additional 1,545 shares during the period. Envestnet Asset Management Inc. increased its position in shares of RadNet by 50.3% in the first quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company's stock valued at $6,855,000 after buying an additional 46,169 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in shares of RadNet by 239.5% in the first quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company's stock valued at $663,000 after buying an additional 9,409 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

RadNet Stock Down 1.9%

Shares of NASDAQ RDNT traded down $1.30 during mid-day trading on Friday, reaching $67.45. 1,388,172 shares of the company traded hands, compared to its average volume of 996,862. The stock has a market cap of $5.19 billion, a PE ratio of -337.23 and a beta of 1.43. The company's fifty day moving average is $57.37 and its two-hundred day moving average is $55.79. 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 fifty-two week low of $45.00 and a fifty-two week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 EPS for the quarter, topping analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The company's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $0.16 EPS. On average, analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

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

Analysts Set New Price Targets

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

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.