RadNet, Inc. $RDNT Shares Acquired by Northwest & Ethical Investments L.P.

Key Points

• Northwest & Ethical Investments L.P. significantly increased its stake in RadNet, Inc., boosting its position by 269.9% during the 1st quarter, now owning 16,553 shares worth approximately $822,000.
• Analysts have a positive outlook on RadNet, with a consensus rating of "Buy" and an average price target of $71.60, highlighting a recent upgrade to a "strong-buy" by Raymond James Financial.
• RadNet reported a quarterly EPS of $0.31, exceeding forecasts and achieving an 8.4% year-over-year revenue increase, reflecting strong performance in its diagnostic imaging services.

Northwest & Ethical Investments L.P. boosted its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 269.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,553 shares of the medical research company's stock after purchasing an additional 12,078 shares during the period. Northwest & Ethical Investments L.P.'s holdings in RadNet were worth $822,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDNT. American Century Companies Inc. grew its position in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock worth $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. Nuveen LLC purchased a new position in RadNet during the 1st quarter worth approximately $27,422,000. T. Rowe Price Investment Management Inc. grew its position in RadNet by 79.3% during 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. Tidal Investments LLC grew its position in RadNet by 7,219.2% during the 4th quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock worth $27,189,000 after purchasing an additional 383,989 shares in the last quarter. Finally, Alyeska Investment Group L.P. grew its position in RadNet by 108.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 502,612 shares of the medical research company's stock worth $35,102,000 after purchasing an additional 261,711 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RDNT has been the topic of several research analyst reports. Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 price objective (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. B. Riley initiated coverage on shares of RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective on the stock. Truist Financial set a $74.00 price objective on shares of RadNet in a research report on Thursday, July 10th. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Morgan Stanley raised shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $71.60.

RadNet Trading Up 2.5%

Shares of NASDAQ:RDNT opened at $67.93 on Wednesday. The firm has a fifty day moving average of $57.69 and a two-hundred day moving average of $55.88. The firm has a market capitalization of $5.23 billion, a P/E ratio of -339.63 and a beta of 1.43. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91.

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 analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to analyst estimates 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 last year, the business posted $0.16 EPS. On average, equities analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP David Jeffrey Katz sold 17,000 shares of the firm'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 transaction, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Alma Gregory Sorensen sold 55,000 shares of the firm's stock in a transaction 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 transaction, the executive vice president owned 1,160,509 shares in the company, 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 company insiders.

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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