UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $39.21 Million Holdings in RadNet, Inc. $RDNT

Key Points

• UBS Asset Management reduced its RadNet position by 5.6% in the second quarter, selling 37,436 shares and retaining 635,813 shares worth approximately $39.21 million. Institutional investors and hedge funds collectively own 77.9% of the company.
• Analyst sentiment remains generally positive: RadNet has an average “Moderate Buy” rating and a consensus price target of $90, with Truist and Barclays recently raising their targets.
• RadNet exceeded quarterly expectations, reporting adjusted EPS of $0.29 versus a $0.20 estimate and revenue of $622.72 million, up 25% year over year. Shares opened at $74.62, compared with a 12-month range of $50.82 to $85.84.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 5.6% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 635,813 shares of the medical research company's stock after selling 37,436 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.81% of RadNet worth $39,211,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in RadNet during the second quarter worth $675,768,000. RTW Investments LP raised its stake in shares of RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company's stock valued at $281,012,000 after buying an additional 1,122,956 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of RadNet by 30.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company's stock worth $192,581,000 after acquiring an additional 627,936 shares during the period. State Street Corp lifted its holdings in shares of RadNet by 1.6% during the 4th quarter. State Street Corp now owns 2,579,073 shares of the medical research company's stock worth $184,017,000 after acquiring an additional 41,356 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of RadNet by 0.4% during the 4th quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company's stock worth $119,283,000 after acquiring an additional 6,655 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently commented on RDNT. Truist Financial raised their target price on RadNet from $90.00 to $94.00 and gave the stock a "buy" rating in a research report on Tuesday, August 11th. Barclays increased their price objective on RadNet from $65.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday, August 28th. Weiss Ratings restated a "sell (d-)" rating on shares of RadNet in a research report on Friday, August 7th. Zacks Research raised shares of RadNet from a "strong sell" rating to a "hold" rating in a research note on Thursday, August 13th. Finally, Jefferies Financial Group reiterated a "buy" rating on shares of RadNet in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $90.00.

RadNet Stock Performance

Shares of RadNet stock opened at $74.62 on Friday. The stock's fifty day simple moving average is $68.74 and its 200 day simple moving average is $62.43. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The company has a market capitalization of $5.87 billion, a PE ratio of -276.36 and a beta of 1.41. RadNet, Inc. has a 12 month low of $50.82 and a 12 month high of $85.84.

RadNet (NASDAQ:RDNT - Get Free Report) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million during the quarter, compared to analysts' expectations of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company's revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.31 earnings per share. On average, research analysts predict that RadNet, Inc. will post 0.49 EPS for the current year.

Insider Buying and Selling

In related news, Director David Swartz sold 2,699 shares of the stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the completion of the sale, the director directly owned 177,013 shares of the company's stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by corporate insiders.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.

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