Northern Trust Corp Acquires 109,093 Shares of RadNet, Inc. (NASDAQ:RDNT)

Northern Trust Corp increased its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 16.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 772,088 shares of the medical research company's stock after acquiring an additional 109,093 shares during the quarter. Northern Trust Corp owned about 1.04% of RadNet worth $53,923,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. USA Financial Formulas bought a new position in shares of RadNet during the fourth quarter worth $30,000. Fifth Third Bancorp boosted its position in shares of RadNet by 84.3% during the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after acquiring an additional 305 shares during the last quarter. Smartleaf Asset Management LLC boosted its position in shares of RadNet by 377.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after acquiring an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of 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 worth $99,000 after acquiring an additional 422 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in shares of RadNet during the fourth quarter worth $105,000. Institutional investors own 77.90% of the company's stock.

RadNet Price Performance

RadNet stock traded up $2.75 during mid-day trading on Tuesday, reaching $59.78. 395,148 shares of the company's stock traded hands, compared to its average volume of 672,787. The company has a market cap of $4.48 billion, a price-to-earnings ratio of -853.88 and a beta of 1.46. The stock has a 50 day moving average of $50.85 and a two-hundred day moving average of $63.30. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. Equities analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Transactions at RadNet

In other news, COO Norman R. Hames sold 5,000 shares of the company's stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total value of $251,100.00. Following the transaction, the chief operating officer now directly owns 251,959 shares in the company, valued at approximately $12,653,380.98. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David L. Swartz sold 25,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the transaction, the director now owns 174,067 shares in the company, valued at approximately $8,849,566.28. The trade was a 12.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 38,000 shares of company stock worth $1,926,730. Insiders own 5.12% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on RDNT. StockNews.com upgraded shares of RadNet to a "sell" rating in a research report on Monday. Raymond James upgraded shares of RadNet from an "outperform" rating to a "strong-buy" rating and dropped their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Truist Financial decreased their price target on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Jefferies Financial Group decreased their price target on shares of RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, January 15th. Finally, Barclays decreased their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $69.75.

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.