ProShare Advisors LLC Boosts Position in RadNet, Inc. (NASDAQ:RDNT)

ProShare Advisors LLC increased its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 44.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,906 shares of the medical research company's stock after purchasing an additional 6,134 shares during the period. ProShare Advisors LLC's holdings in RadNet were worth $1,390,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Highland Capital Management LLC raised its stake in RadNet by 6.5% during the fourth quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock valued at $231,000 after purchasing an additional 202 shares in the last quarter. Summit Investment Advisors Inc. increased its position in RadNet by 3.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock valued at $483,000 after acquiring an additional 219 shares during the last quarter. Summit Financial LLC increased its position in RadNet by 2.4% during the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock valued at $776,000 after acquiring an additional 262 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in RadNet by 4.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,389 shares of the medical research company's stock valued at $516,000 after acquiring an additional 302 shares during the last quarter. Finally, Fifth Third Bancorp increased its position in RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock valued at $47,000 after acquiring an additional 305 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at RadNet

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

RadNet Stock Performance

Shares of RadNet stock traded up $0.90 during midday trading on Tuesday, hitting $57.51. The company had a trading volume of 60,041 shares, compared to its average volume of 684,677. The stock has a market cap of $4.31 billion, a price-to-earnings ratio of -821.38 and a beta of 1.46. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The company has a fifty day simple moving average of $52.93 and a 200 day simple moving average of $62.65. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. The firm had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Barclays dropped their target price on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a report on Monday, March 24th. Wall Street Zen cut shares of RadNet from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Finally, Truist Financial dropped their target price on shares of 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 assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $69.75.

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.