Public Sector Pension Investment Board Raises Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• The Public Sector Pension Investment Board increased its holdings in RadNet, Inc. by 27.3%, acquiring an additional 44,361 shares during the first quarter, bringing its total to 206,633 shares valued at approximately $10.27 million.
• Several analysts have recently altered their ratings on RadNet, with B. Riley setting a "buy" rating and a price target of $69.00, while Morgan Stanley upgraded the stock to "overweight" status.
• RadNet's latest earnings report showed a better-than-expected performance, with an EPS of $0.31 compared to an analyst consensus of $0.17, and quarterly revenue increased by 8.4% year-over-year.

Public Sector Pension Investment Board raised its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 27.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 206,633 shares of the medical research company's stock after purchasing an additional 44,361 shares during the quarter. Public Sector Pension Investment Board owned 0.28% of RadNet worth $10,274,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in RDNT. Headlands Technologies LLC purchased a new position in RadNet during the 1st quarter valued at $28,000. Tower Research Capital LLC TRC raised its stake in RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after acquiring an additional 422 shares during the period. Canada Pension Plan Investment Board bought a new stake in RadNet during the 4th quarter worth approximately $105,000. GAMMA Investing LLC raised its position in shares of 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 buying an additional 300 shares during the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of RadNet during the fourth quarter valued at approximately $187,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Stock Performance

Shares of NASDAQ:RDNT traded down $1.30 during trading on Friday, reaching $67.45. The company had a trading volume of 1,388,172 shares, compared to its average volume of 995,100. The firm has a market capitalization of $5.19 billion, a price-to-earnings ratio of -337.23 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.01. The stock's fifty day moving average price is $57.37 and its 200 day moving average price is $55.88. 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 posted its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%. The firm had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. During the same period in the previous year, the business earned $0.16 earnings per share. The company's revenue for the quarter was up 8.4% compared to the same quarter last year. As a group, equities research analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of RadNet stock in a transaction that occurred 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 sale, the executive vice president directly owned 1,160,509 shares in the company, valued at $65,545,548.32. The trade was a 4.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the sale, the executive vice president owned 86,774 shares in the company, valued at approximately $5,927,531.94. This trade represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. 5.60% of the stock is owned by insiders.

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.