Raymond James Financial Inc. Purchases 19,311 Shares of RadNet, Inc. $RDNT

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. increased its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 4.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 0.66% of RadNet worth $24,518,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Moran Wealth Management LLC grew its holdings in RadNet by 2.2% in the first quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock worth $529,000 after purchasing an additional 225 shares during the period. Xponance Inc. grew its holdings in RadNet by 5.0% in the first quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock worth $249,000 after purchasing an additional 239 shares during the period. GAMMA Investing LLC grew its holdings in 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 purchasing an additional 300 shares during the period. Tower Research Capital LLC TRC grew its holdings in RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares during the period. Finally, HighTower Advisors LLC grew its holdings in RadNet by 6.2% in the first quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock worth $465,000 after purchasing an additional 548 shares during the period. Institutional investors own 77.90% of the company's stock.

Insider Activity

In related news, CEO Cornelis Wesdorp sold 1,500 shares of the company's stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $66.98, for a total value 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. This represents a 2.68% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ranjan Jayanathan sold 65,598 shares of the company's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares of the company's stock, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,098 shares of company stock valued at $5,689,605. 5.60% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RDNT shares. Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Truist Financial set a $74.00 price objective on shares of RadNet in a report on Thursday, July 10th. B. Riley began coverage on shares of RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price objective for the company. Finally, Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and an average price target of $71.60.

RadNet Trading Down 0.7%

Shares of RDNT opened at $69.59 on Tuesday. The company's fifty day moving average is $58.68 and its 200 day moving average is $55.92. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The stock has a market capitalization of $5.35 billion, a PE ratio of -347.93 and a beta of 1.43. 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 announced its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million for 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%. RadNet's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 earnings per share. Sell-side analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

About RadNet

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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