Russell Investments Group Ltd. Buys 13,147 Shares of RadNet, Inc. $RDNT

Key Points

• Russell Investments Group Ltd. increased its stake in RadNet, Inc. by 15.0%, acquiring an additional 13,147 shares during the first quarter, bringing their total ownership to 101,018 shares.
• According to recent earnings, RadNet reported an EPS of $0.31, exceeding estimates, with a revenue increase of 8.4% year-over-year, reaching $498.23 million for the quarter.
• Multiple brokerage firms have upgraded RadNet's stock rating, with a consensus average price target of $71.60 and several firms giving it a "strong buy" rating.

Russell Investments Group Ltd. boosted its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 15.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 101,018 shares of the medical research company's stock after acquiring an additional 13,147 shares during the quarter. Russell Investments Group Ltd. owned 0.13% of RadNet worth $5,023,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. HighTower Advisors LLC lifted its holdings in shares of RadNet by 6.2% during the 1st quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock valued at $465,000 after buying an additional 548 shares during the period. Public Sector Pension Investment Board lifted its holdings in shares of RadNet by 27.3% during the 1st quarter. Public Sector Pension Investment Board now owns 206,633 shares of the medical research company's stock valued at $10,274,000 after buying an additional 44,361 shares during the period. Nuveen LLC bought a new position in shares of RadNet during the 1st quarter valued at $27,422,000. Global Alpha Capital Management Ltd. lifted its holdings in shares of RadNet by 14.0% during the 1st quarter. Global Alpha Capital Management Ltd. now owns 555,091 shares of the medical research company's stock valued at $27,599,000 after buying an additional 68,087 shares during the period. Finally, Zions Bancorporation National Association UT bought a new position in shares of RadNet during the 1st quarter valued at $1,734,000. 77.90% of the stock is owned by institutional investors.

RadNet Price Performance

Shares of RadNet stock traded up $0.72 during trading on Wednesday, reaching $71.29. 503,843 shares of the stock traded hands, compared to its average volume of 1,074,666. The company has a market capitalization of $5.48 billion, a price-to-earnings ratio of -356.43 and a beta of 1.43. The business has a fifty day simple moving average of $59.25 and a two-hundred day simple moving average of $56.12. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 EPS 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 the consensus estimate of $488.06 million. During the same quarter last year, the firm earned $0.16 EPS. The firm's revenue for the quarter was up 8.4% compared to the same quarter last year. Sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on RDNT shares. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a research note on Saturday, August 16th. Morgan Stanley upgraded RadNet to an "overweight" rating in a research note on Monday, August 11th. Raymond James Financial reiterated 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. Finally, Truist Financial set a $74.00 price target on RadNet in a research note on Thursday, July 10th. 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 company's stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $71.60.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of the stock in a transaction dated 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 transaction, the executive vice president 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the transaction, the insider directly owned 138,198 shares of the company's stock, valued at approximately $9,328,365. The trade was a 32.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 84,098 shares of company stock valued at $5,689,605. 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.