Truist Financial Corp Makes New Investment in RadNet, Inc. $RDNT

Key Points

• Truist Financial Corp invested approximately $396,000 in RadNet, acquiring 6,953 shares during Q2, as disclosed in its latest 13F filing.
• Insiders at RadNet, including COO Norman R. Hames and EVP Mark Stolper, have recently sold significant amounts of stock, contributing to 135,098 shares sold in the last three months valued at over $9 million.
• Analysts have shown mixed sentiments on RadNet, with a consensus rating of "Buy" and target price revisions, including Truist Financial's increase to $81.00 and Raymond James' to $75.00.

Truist Financial Corp bought a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 6,953 shares of the medical research company's stock, valued at approximately $396,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of RadNet during the first quarter worth about $28,000. Family Legacy Financial Solutions LLC bought a new stake in RadNet during the second quarter valued at approximately $85,000. 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. Jones Financial Companies Lllp raised its position in shares of RadNet by 563.4% during the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock valued at $85,000 after buying an additional 1,448 shares in the last quarter. Finally, Strs Ohio purchased a new stake in shares of RadNet during the 1st quarter valued at $139,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

Insider Transactions at RadNet

In other RadNet news, COO Norman R. Hames sold 10,000 shares of the stock in a transaction on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total transaction of $727,400.00. Following the completion of the sale, the chief operating officer owned 239,183 shares of the company's stock, valued at $17,398,171.42. This represents a 4.01% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Stolper sold 35,000 shares of the company's stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the transaction, the executive vice president directly owned 68,012 shares of the company's stock, valued at approximately $5,025,406.68. This trade represents a 33.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,098 shares of company stock valued at $9,430,715. 5.60% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

RDNT has been the topic of a number of research analyst reports. Raymond James Financial reissued a "strong-buy" rating and issued a $75.00 target price (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Truist Financial upped their price objective on RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Weiss Ratings reiterated a "sell (d)" rating on shares of RadNet in a report on Wednesday, October 8th. Morgan Stanley upgraded RadNet to an "overweight" rating in a research report on Monday, August 11th. Finally, Barclays boosted their target price on RadNet from $60.00 to $79.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, RadNet has an average rating of "Buy" and a consensus target price of $76.80.

RadNet Trading Up 0.8%

NASDAQ RDNT opened at $77.39 on Friday. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. The stock has a 50-day moving average of $72.37 and a 200-day moving average of $61.13. The firm has a market cap of $5.95 billion, a PE ratio of -386.93 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, beating analysts' consensus estimates of $0.17 by $0.14. The company had revenue of $498.23 million during the quarter, compared to analyst estimates of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet's revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.16 EPS. As a group, sell-side analysts forecast 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.

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