Praxis Investment Management Inc. Purchases Shares of 3,960 RadNet, Inc. $RDNT

Key Points

• Praxis Investment Management Inc. acquired 3,960 shares of RadNet, Inc., valued at approximately $225,000, marking a significant investment during the second quarter.
• RadNet's stock price recently opened at $76.93, with a market cap of $5.92 billion and recent earnings exceeding analysts' estimates, reporting $0.31 earnings per share for the quarter.
• Several brokerages have raised their target prices for RadNet, with Truist Financial increasing it from $74.00 to $81.00 and Barclays adjusting it from $60.00 to $79.00, reflecting a generally positive outlook from analysts.

Praxis Investment Management Inc. purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,960 shares of the medical research company's stock, valued at approximately $225,000.

A number of other institutional investors have also bought and sold shares of the company. Moran Wealth Management LLC boosted its position in RadNet by 2.2% during the first quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock valued at $529,000 after acquiring an additional 225 shares during the last quarter. Xponance Inc. boosted its position in RadNet by 5.0% during the first quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock valued at $249,000 after acquiring an additional 239 shares during the last quarter. GAMMA Investing LLC boosted its position in RadNet by 22.3% during 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 last quarter. AQR Capital Management LLC boosted its position in RadNet by 5.4% during the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company's stock valued at $340,000 after acquiring an additional 350 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its position in RadNet by 2.2% during the second quarter. Maryland State Retirement & Pension System now owns 19,404 shares of the medical research company's stock valued at $1,104,000 after acquiring an additional 423 shares during the last quarter. Institutional investors own 77.90% of the company's stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $76.93 on Monday. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of -384.63 and a beta of 1.59. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The firm's 50-day simple moving average is $72.84 and its 200 day simple moving average is $61.45.

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. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $498.23 million for the quarter, compared to analysts' expectations of $488.06 million. During the same quarter last year, the firm earned $0.16 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RDNT. Truist Financial raised their target price on RadNet from $74.00 to $81.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Zacks Research upgraded RadNet from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 14th. Barclays raised their target price on RadNet from $60.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, Morgan Stanley upgraded RadNet to an "overweight" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $76.80.

Insiders Place Their Bets

In other RadNet news, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Cornelis Wesdorp sold 1,500 shares of the stock in a transaction dated 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 sale, the chief executive officer owned 54,495 shares of the company's stock, valued at approximately $3,650,075.10. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 135,098 shares of company stock worth $9,430,715 in the last 90 days. Company insiders own 5.60% of the company's stock.

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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