Wellington Management Group LLP Lowers Position in RadNet, Inc. $RDNT

Key Points

• Wellington Management reduced its RadNet stake by 29.3% in the second quarter, selling 115,837 shares and retaining 280,019 shares valued at approximately $17.3 million. Institutional investors collectively own 77.9% of the company.
• RadNet exceeded quarterly expectations, reporting $0.29 in adjusted EPS versus the $0.20 consensus and $622.7 million in revenue, up 25% year over year.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $90, compared with a recent share price of $73.71.

Wellington Management Group LLP lessened its stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 29.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 280,019 shares of the medical research company's stock after selling 115,837 shares during the quarter. Wellington Management Group LLP owned approximately 0.36% of RadNet worth $17,269,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of RDNT. Bank of America Corp DE boosted its holdings in RadNet by 15.1% during the 1st quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company's stock worth $32,953,000 after acquiring an additional 77,198 shares during the last quarter. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of RadNet in the second quarter valued at about $1,172,000. Van Berkom & Associates Inc. boosted its holdings in RadNet by 24.9% during the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company's stock worth $57,488,000 after purchasing an additional 204,858 shares during the last quarter. E. Ohman J or Asset Management AB boosted its holdings in RadNet by 1,144.3% during the second quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company's stock worth $27,934,000 after purchasing an additional 416,563 shares during the last quarter. Finally, Legal & General Group Plc bought a new stake in RadNet in the 2nd quarter worth about $9,787,000. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $73.71 on Monday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The stock has a market cap of $5.80 billion, a PE ratio of -272.99 and a beta of 1.41. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The stock has a fifty day moving average of $69.00 and a 200-day moving average of $62.46.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 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 analyst estimates of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business's revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.31 EPS. Equities research analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current year.

Insider Activity at RadNet

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the company'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 completion of the transaction, the chief executive officer owned 69,075 shares in the company, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the company's stock in a transaction 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 transaction, the director owned 177,013 shares of the company's stock, valued at $9,539,230.57. This trade represents a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by company insiders.

Analyst Ratings Changes

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

RadNet 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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