Wellington Management Group LLP Has $18.37 Million Stock Holdings in 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 increased its position in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 369,395 shares of the medical research company's stock after acquiring an additional 7,872 shares during the period. Wellington Management Group LLP owned about 0.49% of RadNet worth $18,366,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Moran Wealth Management LLC raised its holdings in shares of RadNet by 2.2% during the first quarter. Moran Wealth Management LLC now owns 10,643 shares of the medical research company's stock worth $529,000 after acquiring an additional 225 shares in the last quarter. Xponance Inc. raised its holdings in shares of RadNet by 5.0% during the first quarter. Xponance Inc. now owns 5,010 shares of the medical research company's stock worth $249,000 after acquiring an additional 239 shares in the last quarter. GAMMA Investing LLC raised its holdings in RadNet by 22.3% during the first 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. Tower Research Capital LLC TRC raised its holdings in RadNet by 42.2% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company's stock valued at $99,000 after buying an additional 422 shares in the last quarter. Finally, HighTower Advisors LLC raised its holdings in RadNet by 6.2% during the first quarter. HighTower Advisors LLC now owns 9,345 shares of the medical research company's stock valued at $465,000 after buying an additional 548 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

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. B. Riley began coverage on RadNet in a report on Friday, June 13th. They set a "buy" rating and a $69.00 target price on the stock. Zacks Research upgraded RadNet from a "strong sell" rating to a "hold" rating in a report on Monday, August 18th. Finally, Raymond James Financial restated a "strong-buy" rating and set a $75.00 target price (up from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $71.60.

Insiders Place Their Bets

In other news, CEO Cornelis Wesdorp sold 1,500 shares of the firm's stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total value of $100,470.00. Following the sale, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP David Jeffrey Katz sold 17,000 shares of the firm's stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $68.31, for a total value of $1,161,270.00. Following the completion of the sale, the executive vice president directly 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. In the last ninety days, insiders sold 89,098 shares of company stock valued at $6,045,105. 5.60% of the stock is owned by company insiders.

RadNet Stock Performance

Shares of NASDAQ:RDNT traded down $0.03 during midday trading on Friday, hitting $71.76. The company's stock had a trading volume of 627,715 shares, compared to its average volume of 1,048,944. The stock has a market capitalization of $5.52 billion, a price-to-earnings ratio of -358.78 and a beta of 1.54. The stock's 50 day simple moving average is $59.87 and its 200 day simple moving average is $56.17. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The firm's revenue was up 8.4% compared to the same quarter last year. During the same period last year, the business posted $0.16 earnings per share. As a group, research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

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.