RadNet, Inc. $RDNT Stock Holdings Lifted by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in RadNet, Inc. by 4.1%, owning a total of 493,102 shares valued at approximately $24.5 million.
• The company's CEO and an insider sold shares, resulting in a combined decrease of 2.68% and 32.19% in their respective ownerships following the transactions.
• RadNet reported earnings per share of $0.31 for the last quarter, exceeding expectations, with revenues up 8.4% year-over-year.

Raymond James Financial Inc. raised its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 4.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 493,102 shares of the medical research company's stock after buying an additional 19,311 shares during the period. Raymond James Financial Inc. owned approximately 0.66% of RadNet worth $24,518,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RDNT. Headlands Technologies LLC acquired a new position in RadNet during the 1st quarter valued at about $28,000. GAMMA Investing LLC increased its stake in RadNet by 22.3% during the 1st 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 period. Tower Research Capital LLC TRC increased 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 valued at $99,000 after buying an additional 422 shares during the period. US Bancorp DE increased its stake in RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after buying an additional 3,558 shares during the period. Finally, Aquatic Capital Management LLC acquired a new position in RadNet during the 4th quarter valued at about $187,000. Institutional investors and hedge funds own 77.90% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on RDNT shares. B. Riley began coverage on shares of RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Truist Financial set a $74.00 price objective on shares of RadNet in a research note 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, August 16th. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Finally, Morgan Stanley raised shares of RadNet to an "overweight" rating in a research note on Monday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $71.60.

RadNet Trading Down 0.0%

RDNT traded down $0.03 during trading on Friday, reaching $71.76. The company had a trading volume of 627,715 shares, compared to its average volume of 1,048,944. The firm's 50-day simple moving average is $59.87 and its 200 day simple moving average is $56.17. The company has a market cap of $5.52 billion, a price-to-earnings ratio of -358.78 and a beta of 1.54. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00.

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

Insider Buying and Selling

In related news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction dated Wednesday, August 27th. The stock was sold at an average price of $71.10, for a total value of $355,500.00. Following the transaction, the chief operating officer owned 19,889 shares of the company's stock, valued at approximately $1,414,107.90. This trade represents a 20.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total value of $100,470.00. Following the completion of the transaction, the chief executive officer directly owned 54,495 shares in the company, valued at $3,650,075.10. This represents a 2.68% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 89,098 shares of company stock worth $6,045,105. Company insiders own 5.60% of the company's stock.

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.