State of Alaska Department of Revenue Grows Stock Holdings in RadNet, Inc. $RDNT

Key Points

• The State of Alaska Department of Revenue increased its stake in RadNet, Inc. by 8.8%, owning approximately 0.05% of the company, worth $2.23 million as of the end of the last quarter.
• Analysts have recently raised their price targets for RadNet, with Barclays setting a new target of $79.00 and an overall average target price of $76.80, signaling a positive outlook on the stock.
• Insiders have sold a total of 135,098 shares of RadNet stock in the last quarter, with significant sales by executives decreasing their ownership by approximately 16.38% and 32.19%.

State of Alaska Department of Revenue raised its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 8.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 39,288 shares of the medical research company's stock after acquiring an additional 3,192 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.05% of RadNet worth $2,235,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. GAMMA Investing LLC increased its position in shares of RadNet by 41.5% in the second quarter. GAMMA Investing LLC now owns 2,327 shares of the medical research company's stock valued at $132,000 after acquiring an additional 683 shares during the period. Fulton Bank N.A. purchased a new position in shares of RadNet during the second quarter valued at about $389,000. Family Legacy Financial Solutions LLC purchased a new position in shares of RadNet during the second quarter valued at about $85,000. Wealth Enhancement Advisory Services LLC increased its position in shares of RadNet by 78.2% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 12,378 shares of the medical research company's stock valued at $696,000 after buying an additional 5,433 shares during the period. Finally, Inspire Investing LLC increased its position in shares of RadNet by 20.0% during the first quarter. Inspire Investing LLC now owns 6,893 shares of the medical research company's stock valued at $343,000 after buying an additional 1,149 shares during the period. Hedge funds and other institutional investors own 77.90% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RDNT shares. Barclays boosted their price target on shares of RadNet from $60.00 to $79.00 and gave the company an "overweight" rating in a research report on Wednesday, September 3rd. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a research report on Monday, August 11th. Raymond James Financial reiterated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. B. Riley started coverage on shares of RadNet in a research report on Friday, June 13th. They set a "buy" rating and a $69.00 price target on the stock. Finally, Zacks Research upgraded shares of RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $76.80.

Insider Transactions at RadNet

In other news, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction that occurred on 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 transaction, the executive vice president owned 86,774 shares in the company, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the company's stock in a transaction that occurred on 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 transaction, the insider owned 138,198 shares in the company, valued at approximately $9,328,365. This represents a 32.19% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 135,098 shares of company stock valued at $9,430,715. 5.60% of the stock is currently owned by insiders.

RadNet Price Performance

Shares of RDNT opened at $78.33 on Friday. The stock has a market cap of $6.02 billion, a PE ratio of -391.63 and a beta of 1.59. 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, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The firm's 50-day simple moving average is $68.40 and its two-hundred day simple moving average is $59.39.

RadNet (NASDAQ:RDNT - Get Free Report) last announced 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. The business 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%. The business's revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.16 earnings per share. Analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

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.

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