T. Rowe Price Investment Management Inc. Boosts Stock Position in RadNet, Inc. $RDNT

Key Points

• T. Rowe Price Investment Management Inc. significantly increased its stake in RadNet, Inc. by 81.4% during the first quarter, owning approximately 2.21% of the company worth about $82.4 million.
• RadNet reported a quarterly earnings per share (EPS) of $0.31, exceeding analysts' expectations of $0.17, and showed an 8.4% increase in revenue year-over-year.
• Various analysts have revised their ratings for RadNet, with Raymond James offering a "strong-buy" rating and adjusting the price target to $75.00.

T. Rowe Price Investment Management Inc. lifted its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 81.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,657,613 shares of the medical research company's stock after purchasing an additional 743,922 shares during the period. T. Rowe Price Investment Management Inc. owned 2.21% of RadNet worth $82,417,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RDNT. Headlands Technologies LLC purchased a new stake in shares of RadNet in the 1st quarter worth about $28,000. Tower Research Capital LLC TRC increased its holdings in shares of RadNet by 42.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock worth $99,000 after purchasing an additional 422 shares during the last quarter. Canada Pension Plan Investment Board purchased a new position in shares of RadNet in the fourth quarter valued at $105,000. GAMMA Investing LLC raised its position in shares of RadNet by 22.3% during 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. Finally, Aquatic Capital Management LLC bought a new stake in shares of RadNet in the 4th quarter valued at approximately $187,000. 77.90% of the stock is owned by institutional investors.

RadNet Stock Down 0.3%

NASDAQ RDNT traded down $0.21 on Thursday, hitting $71.09. The stock had a trading volume of 133,518 shares, compared to its average volume of 822,274. The business's fifty day moving average price is $59.25 and its 200 day moving average price is $56.12. The stock has a market cap of $5.47 billion, a price-to-earnings ratio of -355.48 and a beta of 1.43. 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 posted 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 firm had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The business's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the firm earned $0.16 EPS. Equities research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the sale, the executive vice president 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total value of $4,427,865.00. Following the sale, the insider directly owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,098 shares of company stock worth $5,689,605 over the last quarter. Insiders own 5.60% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on RDNT. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a research report on Monday, August 18th. Morgan Stanley upgraded shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Raymond James Financial restated a "strong-buy" rating and issued a $75.00 target price (up from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Wall Street Zen raised shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday, August 16th. Finally, Truist Financial set a $74.00 price target on shares of 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 assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $71.60.

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.