RadNet, Inc. $RDNT Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC increased its stake in RadNet, Inc. by 6.6%, now holding approximately 1.8 million shares valued at about $100 million.
• Several institutional investors have recently altered their positions in RadNet, contributing to a total institutional ownership of 77.90% of the company's stock.
• RadNet reported $0.31 earnings per share for the last quarter, exceeding analysts' expectations of $0.17, along with an 8.4% increase in quarterly revenue compared to the previous year.

Allspring Global Investments Holdings LLC boosted its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 6.6% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,801,559 shares of the medical research company's stock after purchasing an additional 112,284 shares during the period. Allspring Global Investments Holdings LLC owned about 2.40% of RadNet worth $100,203,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in RDNT. Headlands Technologies LLC acquired a new position in shares of RadNet in the first quarter worth $28,000. GAMMA Investing LLC grew its stake in shares of RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after acquiring an additional 300 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after acquiring an additional 1,448 shares in the last quarter. Family Legacy Financial Solutions LLC acquired a new position in shares of RadNet in the second quarter worth $85,000. Finally, Strs Ohio acquired a new position in shares of RadNet in the first quarter worth $139,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Insider Transactions at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of the business's stock in a transaction 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 directly owned 86,774 shares of the company's stock, valued at $5,927,531.94. The trade was a 16.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mark Stolper sold 35,000 shares of the business's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the sale, the executive vice president directly owned 68,012 shares of the company's stock, valued at approximately $5,025,406.68. This trade represents a 33.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 135,098 shares of company stock valued at $9,430,715 over the last quarter. 5.60% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have commented on RDNT. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of RadNet in a research report on Wednesday, October 8th. Finally, Barclays lifted their price objective on shares of RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $76.80.

RadNet Price Performance

RadNet stock opened at $71.72 on Tuesday. The stock has a market cap of $5.52 billion, a P/E ratio of -358.58 and a beta of 1.59. The company has a fifty day simple moving average of $71.03 and a 200-day simple moving average of $60.73. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT - Get Free Report) last announced 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 negative net margin of 0.78% and a positive return on equity of 2.41%. The firm had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. During the same period in the previous year, the company earned $0.16 earnings per share. RadNet's quarterly revenue was up 8.4% compared to the same quarter last year. Equities analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding RDNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RadNet, Inc. (NASDAQ:RDNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.