RadNet, Inc. $RDNT Shares Acquired by LPL Financial LLC

Key Points

• LPL Financial LLC significantly increased its holdings in RadNet, Inc. by 616.4% during Q1, now owning approximately 45,260 shares valued at $2,235,000.
• RadNet reported a Q2 earnings per share of $0.31, surpassing estimates by $0.14, with revenue hitting $498.23 million, which is up 8.4% year-over-year.
• RadNet's stock has received multiple analyst upgrades, with a consensus rating of "Buy" and an average target price of $71.60.

LPL Financial LLC increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 616.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,260 shares of the medical research company's stock after acquiring an additional 38,942 shares during the quarter. LPL Financial LLC owned about 0.06% of RadNet worth $2,235,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. TD Asset Management Inc boosted its position in RadNet by 77.9% during the first quarter. TD Asset Management Inc now owns 52,996 shares of the medical research company's stock worth $2,635,000 after acquiring an additional 23,212 shares during the last quarter. Knights of Columbus Asset Advisors LLC boosted its position in RadNet by 23.9% during the first quarter. Knights of Columbus Asset Advisors LLC now owns 43,935 shares of the medical research company's stock worth $2,184,000 after acquiring an additional 8,463 shares during the last quarter. Royce & Associates LP raised its stake in RadNet by 24.1% during the first quarter. Royce & Associates LP now owns 126,549 shares of the medical research company's stock worth $6,292,000 after purchasing an additional 24,560 shares during the period. Brookwood Investment Group LLC purchased a new position in RadNet during the first quarter worth about $1,377,000. Finally, Legato Capital Management LLC raised its stake in RadNet by 55.6% during the first quarter. Legato Capital Management LLC now owns 15,616 shares of the medical research company's stock worth $776,000 after purchasing an additional 5,581 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Trading Up 2.5%

Shares of NASDAQ:RDNT opened at $67.93 on Wednesday. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The company's 50 day moving average is $57.69 and its two-hundred day moving average is $55.88. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The company has a market cap of $5.23 billion, a PE ratio of -339.63 and a beta of 1.43.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The business had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The company's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.16 EPS. Equities analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

RDNT has been the topic of a number of analyst reports. Morgan Stanley raised shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Truist Financial set a $74.00 target price on shares of RadNet in a research note on Thursday, July 10th. B. Riley assumed 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. Raymond James Financial reissued a "strong-buy" rating and issued a $75.00 price target (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Finally, Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research note on Saturday. Three research analysts have rated the stock with a Strong Buy rating and four have given a Buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $71.60.

RadNet 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.

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