Whittier Trust Co. of Nevada Inc. Acquires 4,271 Shares of RadNet, Inc. $RDNT

Key Points

• Whittier Trust Co. of Nevada Inc. increased its stake in RadNet, Inc. by 3.9%, acquiring an additional 4,271 shares and holding a total of 114,708 shares valued at approximately $6.5 million.
• Insider transactions revealed significant stock sales, with EVP Mark Stolper selling 35,000 shares for about $2.59 million, indicating a 33.98% decrease in his ownership.
• Analysts have recently upgraded RadNet, with Zacks Research rating it a "strong-buy" and price targets raised by various firms to as much as $81, reflecting a positive outlook for the stock.

Whittier Trust Co. of Nevada Inc. grew its holdings in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 3.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 114,708 shares of the medical research company's stock after acquiring an additional 4,271 shares during the quarter. Whittier Trust Co. of Nevada Inc. owned 0.15% of RadNet worth $6,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RDNT. Headlands Technologies LLC bought a new position in shares of RadNet during the first quarter worth about $28,000. GAMMA Investing LLC grew its holdings in shares of RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company's stock worth $82,000 after buying an additional 300 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of RadNet by 563.4% during the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company's stock worth $85,000 after buying an additional 1,448 shares in the last quarter. Family Legacy Financial Solutions LLC bought a new position in shares of RadNet during the second quarter worth about $85,000. Finally, Strs Ohio bought a new position in shares of RadNet during the first quarter worth about $139,000. 77.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Mark Stolper sold 35,000 shares of the firm's stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total value of $2,586,150.00. Following the completion of the sale, the executive vice president directly owned 68,012 shares of the company's stock, valued at $5,025,406.68. This trade represents a 33.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the firm's stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares of the company's stock, valued at approximately $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 135,098 shares of company stock valued at $9,430,715. Insiders own 5.60% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on RDNT. Zacks Research upgraded RadNet from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 14th. Truist Financial increased their price objective on RadNet from $74.00 to $81.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Wall Street Zen upgraded RadNet from a "sell" rating to a "hold" rating in a report on Saturday, August 16th. Barclays raised their price target on RadNet from $60.00 to $79.00 and gave the company an "overweight" rating in a research note on Wednesday, September 3rd. Finally, Weiss Ratings restated a "sell (d)" rating on shares of RadNet in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $76.80.

RadNet Stock Up 2.2%

RDNT stock opened at $80.16 on Wednesday. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.91. The business has a 50 day moving average price of $73.50 and a two-hundred day moving average price of $61.79. The company has a market cap of $6.17 billion, a price-to-earnings ratio of -400.78 and a beta of 1.59. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

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

RadNet 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.

Want to see what other hedge funds are holding RDNT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for RadNet, Inc. (NASDAQ:RDNT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.