Royal Bank of Canada Acquires 408,544 Shares of RadNet, Inc. $RDNT

Royal Bank of Canada raised its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 2,822.0% in the first quarter, according to its most recent filing with the SEC. The firm owned 423,021 shares of the medical research company's stock after purchasing an additional 408,544 shares during the quarter. Royal Bank of Canada owned approximately 0.56% of RadNet worth $21,033,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in RDNT. American Century Companies Inc. increased 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 valued at $63,290,000 after purchasing an additional 1,063,516 shares during the period. T. Rowe Price Investment Management Inc. grew its position in shares of RadNet by 81.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock worth $82,417,000 after buying an additional 743,922 shares during the period. Nuveen LLC acquired a new stake in shares of RadNet during the 1st quarter worth approximately $27,422,000. Ameriprise Financial Inc. grew its position in shares of RadNet by 180.6% during the 1st quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company's stock worth $38,593,000 after buying an additional 499,534 shares during the period. Finally, Tidal Investments LLC grew its position in shares of 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 buying an additional 383,989 shares during the period. Institutional investors and hedge funds own 77.90% of the company's stock.

RadNet Stock Up 0.4%

Shares of RDNT traded up $0.28 during trading hours on Friday, reaching $74.01. The stock had a trading volume of 678,484 shares, compared to its average volume of 621,668. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $93.65. The firm has a 50-day simple moving average of $63.04 and a 200 day simple moving average of $56.99. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of -370.03 and a beta of 1.54.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) 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 the consensus estimate of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.16 EPS. Equities research analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on RDNT shares. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Barclays raised 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. Raymond James Financial reaffirmed a "strong-buy" rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Truist Financial raised their price objective on shares of RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Finally, Morgan Stanley raised shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Three investment 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. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $76.80.

Insider Activity

In other RadNet news, COO Norman R. Hames sold 10,000 shares of RadNet stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total transaction of $727,400.00. Following the transaction, the chief operating officer directly owned 239,183 shares of the company's stock, valued at $17,398,171.42. The trade was a 4.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the transaction, the executive vice president directly owned 86,774 shares in the company, valued at $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 99,598 shares of company stock valued at $6,808,500 over the last quarter. 5.60% of the stock is owned by insiders.

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.