Royal Bank of Canada Boosts Stake in RadNet, Inc. $RDNT

Royal Bank of Canada increased its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 2,822.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 423,021 shares of the medical research company's stock after acquiring an additional 408,544 shares during the period. Royal Bank of Canada owned approximately 0.56% of RadNet worth $21,033,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. American Century Companies Inc. raised its stake in shares of RadNet by 507.9% during the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company's stock valued at $63,290,000 after acquiring an additional 1,063,516 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of RadNet by 81.4% during the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company's stock valued at $82,417,000 after acquiring an additional 743,922 shares in the last quarter. Nuveen LLC bought a new stake in shares of RadNet during the first quarter valued at approximately $27,422,000. Ameriprise Financial Inc. raised its stake in shares of RadNet by 180.6% during the first quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company's stock valued at $38,593,000 after acquiring an additional 499,534 shares in the last quarter. Finally, Tidal Investments LLC raised its stake in shares of RadNet by 7,219.2% during the fourth quarter. Tidal Investments LLC now owns 389,308 shares of the medical research company's stock valued at $27,189,000 after acquiring an additional 383,989 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

Insider Buying and Selling at RadNet

In other news, CEO Cornelis Wesdorp sold 500 shares of the stock in a transaction that occurred on Tuesday, September 9th. The shares were sold at an average price of $71.99, for a total value of $35,995.00. Following the completion of the sale, the chief executive officer owned 53,995 shares of the company's stock, valued at $3,887,100.05. This represents a 0.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total transaction 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 approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 99,598 shares of company stock worth $6,808,500 in the last quarter. Insiders own 5.60% of the company's stock.

RadNet Price Performance

Shares of RadNet stock 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. The stock's 50 day moving average is $63.04 and its 200 day moving average is $56.97. The firm has a market capitalization of $5.69 billion, a PE ratio of -370.03 and a beta of 1.54. RadNet, Inc. has a twelve month low of $45.00 and a twelve 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 issued its quarterly earnings data 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. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $498.23 million during the quarter, compared to the consensus estimate of $488.06 million. During the same quarter in the prior year, the firm posted $0.16 earnings per share. The company's revenue was up 8.4% compared to the same quarter last year. Equities analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Raymond James Financial reissued 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. Barclays boosted their price objective on shares of RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a research note on Wednesday, September 3rd. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Truist Financial boosted their price objective on shares of RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, RadNet presently has a consensus rating of "Buy" and an average price target of $76.80.

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.