T. Rowe Price Investment Management Inc. Purchases 743,922 Shares of 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. raised 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 filing with the Securities & 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 quarter. T. Rowe Price Investment Management Inc. owned 2.21% of RadNet worth $82,417,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. EntryPoint Capital LLC bought a new stake in RadNet in the first quarter worth $206,000. Wellington Management Group LLP increased its stake in shares of RadNet by 2.2% during the first quarter. Wellington Management Group LLP now owns 369,395 shares of the medical research company's stock valued at $18,366,000 after buying an additional 7,872 shares during the period. Roubaix Capital LLC purchased a new position in RadNet in the first quarter valued at about $4,268,000. Northwest & Ethical Investments L.P. grew its stake in RadNet by 269.9% in the first quarter. Northwest & Ethical Investments L.P. now owns 16,553 shares of the medical research company's stock valued at $822,000 after purchasing an additional 12,078 shares during the last quarter. Finally, Raymond James Financial Inc. grew its stake in RadNet by 4.1% in the first quarter. Raymond James Financial Inc. now owns 493,102 shares of the medical research company's stock valued at $24,518,000 after purchasing an additional 19,311 shares during the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on RDNT shares. Wall Street Zen raised RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Zacks Research raised RadNet from a "strong sell" rating to a "hold" rating in a research note on Monday, August 18th. B. Riley began coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 price target on the stock. Finally, Truist Financial set a $74.00 price objective on RadNet in a report 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 stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $71.60.

Insider Buying and Selling

In other news, CEO Cornelis Wesdorp sold 1,500 shares of the firm's stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total transaction of $100,470.00. Following the completion of the sale, the chief executive officer directly owned 54,495 shares of the company's stock, valued at $3,650,075.10. This trade represents a 2.68% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction 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 sale, the insider owned 138,198 shares of the company's stock, valued at $9,328,365. The trade was a 32.19% decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,098 shares of company stock valued at $5,689,605 in the last three months. 5.60% of the stock is currently owned by corporate insiders.

RadNet Trading Down 0.7%

RadNet stock traded down $0.51 during midday trading on Monday, reaching $69.59. The stock had a trading volume of 1,019,919 shares, compared to its average volume of 1,035,385. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The stock has a market capitalization of $5.35 billion, a PE ratio of -347.93 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The stock's 50-day simple moving average is $58.68 and its 200 day simple moving average is $55.92.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $498.23 million for the quarter, compared to analysts' expectations of $488.06 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The firm's quarterly revenue was up 8.4% on a year-over-year basis. Analysts expect that RadNet, Inc. will post 0.56 EPS for the current 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.