RadNet, Inc. $RDNT Stock Holdings Raised 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. raised its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 269.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,553 shares of the medical research company's stock after purchasing an additional 12,078 shares during the quarter. Northwest & Ethical Investments L.P.'s holdings in RadNet were worth $822,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. RTW Investments LP boosted its holdings in shares of RadNet by 9.4% in the 4th quarter. RTW Investments LP now owns 1,978,582 shares of the medical research company's stock valued at $138,184,000 after purchasing an additional 169,978 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of RadNet by 14.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 1,689,275 shares of the medical research company's stock valued at $85,511,000 after purchasing an additional 213,280 shares during the last quarter. Hood River Capital Management LLC boosted its holdings in shares of RadNet by 3.1% in the 4th quarter. Hood River Capital Management LLC now owns 1,322,879 shares of the medical research company's stock valued at $92,390,000 after purchasing an additional 39,881 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of RadNet by 507.9% in the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock valued at $63,290,000 after purchasing an additional 1,063,516 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its holdings in shares of RadNet by 79.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 913,691 shares of the medical research company's stock valued at $63,813,000 after purchasing an additional 404,241 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on RDNT. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. B. Riley started coverage on shares of RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Finally, Raymond James Financial restated a "strong-buy" rating and set a $75.00 target price (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, RadNet currently has a consensus rating of "Buy" and an average target price of $71.60.

Insider Buying and Selling

In other news, insider Ranjan Jayanathan sold 65,598 shares of the business's 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 of the company's stock, valued at approximately $9,328,365. The trade was a 32.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cornelis Wesdorp sold 1,500 shares of the business's stock in a transaction dated Tuesday, August 19th. The stock was 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 directly owned 54,495 shares of the company's stock, valued at $3,650,075.10. The trade was a 2.68% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,098 shares of company stock valued at $5,689,605 in the last quarter. Company insiders own 5.60% of the company's stock.

RadNet Stock Down 0.7%

RadNet stock traded down $0.51 during midday trading on Monday, hitting $69.59. 1,019,919 shares of the stock were exchanged, compared to its average volume of 1,035,385. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The firm has a market cap of $5.35 billion, a P/E ratio of -347.93 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 2.00. The company has a 50 day moving average price of $58.68 and a two-hundred day moving average price of $55.92.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the previous year, the firm posted $0.16 EPS. The firm's quarterly revenue was up 8.4% on a year-over-year basis. On average, sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.