Zions Bancorporation National Association UT Acquires New Shares in RadNet, Inc. (NASDAQ:RDNT)

Key Points

• Zions Bancorporation has acquired a new position in RadNet, Inc., purchasing 34,877 shares valued at approximately $1.73 million.
• Several institutional investors, including Citigroup and US Bancorp, significantly increased their holdings in RadNet during the 1st quarter, reflecting growing interest in the company.
• The stock has an average price target of $69.60 with multiple analysts rating it as a "buy," despite one downgrade to "sell."

Zions Bancorporation National Association UT purchased a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 34,877 shares of the medical research company's stock, valued at approximately $1,734,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RDNT. Wells Fargo & Company MN grew its position in RadNet by 29.4% during the fourth quarter. Wells Fargo & Company MN now owns 80,243 shares of the medical research company's stock worth $5,604,000 after buying an additional 18,231 shares in the last quarter. Bank of Montreal Can lifted its position in shares of RadNet by 13.6% in the 4th quarter. Bank of Montreal Can now owns 8,563 shares of the medical research company's stock worth $598,000 after acquiring an additional 1,026 shares during the period. Invesco Ltd. lifted its position in shares of RadNet by 4.3% in the 4th quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock worth $120,898,000 after acquiring an additional 70,673 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of RadNet during the 4th quarter worth approximately $237,000. Finally, Raymond James Financial Inc. acquired a new position in shares of RadNet in the fourth quarter valued at $33,090,000. Institutional investors own 77.90% of the company's stock.

Insider Buying and Selling

In related news, EVP Alma Gregory Sorensen sold 55,000 shares of the stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $56.48, for a total value of $3,106,400.00. Following the sale, the executive vice president owned 1,160,509 shares in the company, valued at approximately $65,545,548.32. This represents a 4.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.60% of the company's stock.

RadNet Stock Down 0.6%

Shares of RDNT traded down $0.40 during midday trading on Thursday, hitting $68.01. The stock had a trading volume of 382,574 shares, compared to its average volume of 823,174. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.01. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of -339.66 and a beta of 1.43. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a 50 day simple moving average of $56.98 and a two-hundred day simple moving average of $55.91.

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 firm had revenue of $498.23 million for the quarter, compared to analyst estimates of $488.06 million. RadNet had a negative net margin of 0.78% and a positive return on equity of 2.41%. The company's revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.16 EPS. On average, analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. B. Riley initiated coverage on shares of RadNet in a research note on Friday, June 13th. They set a "buy" rating and a $69.00 price target on the stock. Morgan Stanley raised shares of RadNet to an "overweight" rating in a report on Monday. Wall Street Zen cut shares of RadNet from a "hold" rating to a "sell" rating in a research note on Sunday, June 29th. Raymond James Financial reissued a "strong-buy" rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a research report on Wednesday. Finally, Truist Financial set a $74.00 price target on RadNet in a research note on Thursday, July 10th. One investment analyst has rated the stock with a sell rating, four have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, RadNet currently has an average rating of "Buy" and a consensus 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.