Vanguard Group Inc. Cuts Stake in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Vanguard Group Inc. reduced its stake in RadNet, Inc. by 1.7%, ending the quarter with approximately 7.3 million shares, valued at $362.9 million.
• RadNet reported a quarterly earnings per share (EPS) of $0.31, exceeding analysts' expectations of $0.17, alongside a year-over-year revenue increase of 8.4%.
• Several institutional investors increased their stakes in RadNet, reflecting a growing interest in the stock, which is now primarily owned by 77.90% institutional investors.

Vanguard Group Inc. reduced its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,299,327 shares of the medical research company's stock after selling 125,891 shares during the quarter. Vanguard Group Inc. owned about 9.73% of RadNet worth $362,923,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of RDNT. GAMMA Investing LLC grew its holdings in RadNet by 22.3% in the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after purchasing an additional 300 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in 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 stake in shares of RadNet during the fourth quarter valued at $105,000. US Bancorp DE grew its holdings in shares of RadNet by 4,620.8% during the first quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after buying an additional 3,558 shares during the last quarter. Finally, Aquatic Capital Management LLC purchased a new stake in shares of RadNet during the fourth quarter valued at $187,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Trading Down 1.9%

Shares of RadNet stock opened at $67.45 on Friday. The company has a market cap of $5.19 billion, a P/E ratio of -337.23 and a beta of 1.43. The firm has a 50-day simple moving average of $57.37 and a two-hundred day simple moving average of $55.88. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.01 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.

RadNet (NASDAQ:RDNT - Get Free Report) last released its earnings results 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 negative net margin of 0.78% and a positive return on equity of 2.41%. The business had revenue of $498.23 million during the quarter, compared to analysts' expectations of $488.06 million. During the same quarter in the previous year, the company earned $0.16 earnings per share. The company's quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity

In other news, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $56.48, for a total value of $3,106,400.00. Following the completion of the sale, the executive vice president owned 1,160,509 shares of the company's stock, valued at $65,545,548.32. This represents a 4.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 transaction of $1,161,270.00. Following the completion of 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 disclosure for this sale can be found here. 5.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RDNT shares. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday, August 11th. Raymond James Financial reissued a "strong-buy" rating and set a $75.00 price objective (up from $66.00) on shares of RadNet in a report on Wednesday. Wall Street Zen upgraded shares of RadNet from a "sell" rating to a "hold" rating in a research report on Saturday. Truist Financial set a $74.00 target price on shares of RadNet in a research report on Thursday, July 10th. Finally, 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 target price for the company. One research analyst has rated the stock with a hold rating, four have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus 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.

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