Nuveen Asset Management LLC Grows Stake in RadNet, Inc. (NASDAQ:RDNT)

Nuveen Asset Management LLC lifted its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 23.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 640,303 shares of the medical research company's stock after buying an additional 121,026 shares during the quarter. Nuveen Asset Management LLC owned about 0.86% of RadNet worth $44,719,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in RadNet in the 4th quarter worth approximately $56,381,000. Raymond James Financial Inc. bought a new position in shares of RadNet in the 4th quarter worth $33,090,000. T. Rowe Price Investment Management Inc. increased its position in RadNet by 79.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after buying an additional 404,241 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock valued at $103,532,000 after buying an additional 344,146 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its stake in RadNet by 108.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 502,612 shares of the medical research company's stock valued at $35,102,000 after purchasing an additional 261,711 shares during the last quarter. Institutional investors own 77.90% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RDNT shares. Barclays lowered their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. Wall Street Zen downgraded RadNet from a "hold" rating to a "sell" rating in a research report on Thursday. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and reduced their target price for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Finally, Truist Financial cut their price objective on RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, three have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $69.75.

Insider Transactions at RadNet

In related news, Director David L. Swartz sold 25,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares in the company, valued at $8,849,566.28. This represents a 12.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the transaction, the chief executive officer now owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. The trade was a 1.75% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 46,447 shares of company stock worth $2,433,550 over the last three months. 5.12% of the stock is owned by company insiders.

RadNet Price Performance

Shares of NASDAQ RDNT traded down $0.16 during mid-day trading on Friday, hitting $56.61. 454,156 shares of the stock were exchanged, compared to its average volume of 687,151. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The company has a market cap of $4.25 billion, a P/E ratio of -808.60 and a beta of 1.46. The stock's fifty day simple moving average is $52.81 and its two-hundred day simple moving average is $62.77. 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 Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, topping analysts' consensus estimates of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The company had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. As a group, analysts forecast 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.