Wellington Management Group LLP Acquires 7,872 Shares of RadNet, Inc. $RDNT

Key Points

• Wellington Management Group LLP increased its stake in RadNet, Inc. by 2.2%, acquiring an additional 7,872 shares during the first quarter, bringing their total ownership to approximately $18.4 million.
• RadNet reported a positive earnings surprise with an EPS of $0.31, exceeding expectations, and its quarterly revenue rose by 8.4% year-over-year.
• Recent insider transactions included the sale of 17,000 shares by EVP David Jeffrey Katz, indicating a 16.38% decrease in his position in the company.

Wellington Management Group LLP boosted its holdings in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 2.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 369,395 shares of the medical research company's stock after purchasing an additional 7,872 shares during the quarter. Wellington Management Group LLP owned about 0.49% of RadNet worth $18,366,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDNT. Headlands Technologies LLC bought a new stake in RadNet during the 1st quarter valued at approximately $28,000. GAMMA Investing LLC raised its stake in 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 purchasing an additional 300 shares during the period. Tower Research Capital LLC TRC raised its stake in RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after purchasing an additional 422 shares during the period. US Bancorp DE raised its stake in RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company's stock valued at $181,000 after purchasing an additional 3,558 shares during the period. Finally, Aquatic Capital Management LLC bought a new stake in RadNet during the 4th quarter valued at approximately $187,000. Institutional investors own 77.90% of the company's stock.

Insider Transactions at RadNet

In other news, EVP David Jeffrey Katz sold 17,000 shares of RadNet 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 completion of the transaction, the executive vice president owned 86,774 shares in the company, valued at approximately $5,927,531.94. The trade was a 16.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 1,500 shares of RadNet stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total value of $100,470.00. Following the completion of the transaction, the chief executive officer owned 54,495 shares of the company's stock, valued at approximately $3,650,075.10. This trade represents a 2.68% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,098 shares of company stock worth $5,689,605. 5.60% of the stock is currently owned by company insiders.

RadNet Price Performance

Shares of RadNet stock opened at $69.59 on Tuesday. The stock has a market cap of $5.35 billion, a price-to-earnings 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 has a 50 day moving average price of $58.68 and a 200-day moving average price of $55.92. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced 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. 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 company's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.16 EPS. Equities analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on RDNT. Morgan Stanley upgraded RadNet to an "overweight" rating in a report on Monday, August 11th. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Truist Financial set a $74.00 price target on RadNet in a report on Thursday, July 10th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $71.60.

About RadNet

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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