Russell Investments Group Ltd. Purchases 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. grew its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 15.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 101,018 shares of the medical research company's stock after buying an additional 13,147 shares during the period. Russell Investments Group Ltd. owned 0.13% of RadNet worth $5,023,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RDNT. Headlands Technologies LLC bought a new stake in shares of RadNet in the 1st quarter valued at about $28,000. GAMMA Investing LLC boosted its holdings in shares of RadNet by 22.3% in 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 in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of RadNet by 42.2% in 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 in the last quarter. Canada Pension Plan Investment Board purchased a new stake in shares of RadNet during the fourth quarter worth about $105,000. Finally, US Bancorp DE grew its stake in shares of RadNet by 4,620.8% during the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock worth $181,000 after acquiring an additional 3,558 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

RadNet Trading Down 0.0%

RadNet stock opened at $68.61 on Friday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The company has a market capitalization of $5.28 billion, a price-to-earnings ratio of -343.03 and a beta of 1.43. The stock has a 50-day moving average price of $58.15 and a 200 day moving average price of $55.99.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RDNT. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday. B. Riley began coverage on RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 price target on the stock. Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Truist Financial set a $74.00 price target on RadNet in a research note on Thursday, July 10th. Finally, Morgan Stanley upgraded RadNet to an "overweight" rating in a research note on Monday, August 11th. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average price target of $71.60.

Insider Buying and Selling

In other RadNet news, CEO Cornelis Wesdorp sold 1,500 shares of the business's stock in a transaction that occurred on 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 of the company's stock, valued at approximately $3,650,075.10. The trade was a 2.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value 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 $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,098 shares of company stock valued at $5,689,605 over the last quarter. 5.60% of the stock is currently owned by company 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.

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