Oak Ridge Investments LLC Acquires Shares of 35,464 RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Oak Ridge Investments LLC has acquired 35,464 shares of RadNet, Inc., valued at approximately $1,763,000, reflecting significant institutional investment in the company.
• RadNet's stock has shown impressive performance, with a recent quarterly revenue of $498.23 million, surpassing analysts' expectations and indicating an 8.4% year-over-year growth.
• Multiple equity analysts have upgraded their ratings on RadNet, with a consensus price target of $71.60, illustrating positive market sentiment towards the company.

Oak Ridge Investments LLC acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 35,464 shares of the medical research company's stock, valued at approximately $1,763,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. RTW Investments LP grew its position in shares of RadNet by 9.4% in the 4th quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock worth $138,184,000 after buying an additional 169,978 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in RadNet by 14.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock worth $85,511,000 after purchasing an additional 213,280 shares in the last quarter. Hood River Capital Management LLC boosted its stake in RadNet by 3.1% in the 4th quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company's stock worth $92,390,000 after purchasing an additional 39,881 shares in the last quarter. Marshall Wace LLP boosted its stake in RadNet by 11.5% in the 4th quarter. Marshall Wace LLP now owns 1,222,690 shares of the medical research company's stock worth $85,393,000 after purchasing an additional 125,844 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its stake in RadNet by 79.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock worth $63,813,000 after purchasing an additional 404,241 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Performance

Shares of NASDAQ RDNT opened at $68.40 on Thursday. The firm's 50-day moving average price is $56.98 and its 200-day moving average price is $55.91. 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 company has a market cap of $5.26 billion, a PE ratio of -341.96 and a beta of 1.43. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65.

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

Insider Buying and Selling

In other RadNet news, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction that occurred 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 sale, the executive vice president owned 1,160,509 shares in the company, valued at approximately $65,545,548.32. This trade represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RDNT shares. Raymond James Financial reiterated a "strong-buy" rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a research note on Wednesday. B. Riley started coverage on shares of RadNet in a research note on Friday, June 13th. They issued a "buy" rating and a $69.00 price target on the stock. Wall Street Zen cut shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Truist Financial set a $74.00 price target on shares of RadNet in a research note on Thursday, July 10th. Finally, Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research note on Monday. One analyst has rated the stock with a sell rating, four have issued a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat.com, RadNet has an average rating of "Buy" and a consensus price target of $71.60.

About RadNet

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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