First Trust Advisors LP Boosts Stock Position in RadNet, Inc. (NASDAQ:RDNT)

First Trust Advisors LP lifted its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 40.4% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 107,679 shares of the medical research company's stock after acquiring an additional 30,975 shares during the period. First Trust Advisors LP owned 0.15% of RadNet worth $7,520,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in RadNet in the fourth quarter worth $56,381,000. Raymond James Financial Inc. bought a new position in shares of RadNet in the 4th quarter worth about $33,090,000. Allspring Global Investments Holdings LLC lifted its position in RadNet by 30.4% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company's stock valued at $103,532,000 after acquiring an additional 344,146 shares during the period. Clearbridge Investments LLC grew its holdings in RadNet by 28.3% in the fourth quarter. Clearbridge Investments LLC now owns 942,082 shares of the medical research company's stock worth $65,795,000 after purchasing an additional 207,582 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of RadNet by 154.8% during the fourth quarter. JPMorgan Chase & Co. now owns 338,843 shares of the medical research company's stock valued at $23,665,000 after purchasing an additional 205,846 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company's stock.

RadNet Stock Performance

NASDAQ RDNT traded up $0.31 during trading hours on Monday, hitting $53.69. The company's stock had a trading volume of 64,033 shares, compared to its average volume of 662,967. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $93.65. The company's 50 day simple moving average is $50.80 and its two-hundred day simple moving average is $63.80. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a market cap of $4.03 billion, a P/E ratio of -765.86 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $477.10 million during the quarter, compared to analysts' expectations of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. Barclays cut their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research note on Monday, March 24th. Jefferies Financial Group reduced their price target on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. Raymond James raised RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. StockNews.com raised shares of RadNet to a "sell" rating in a research report on Wednesday, March 19th. Finally, Truist Financial decreased their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating for the company in a report on Friday, April 11th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $69.75.

Insider Activity

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total value of $50,520.00. Following the transaction, the chief executive officer now owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, COO Norman R. Hames sold 5,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $50.22, for a total transaction of $251,100.00. Following the completion of the transaction, the chief operating officer now owns 251,959 shares in the company, valued at $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock valued at $1,926,730 in the last ninety days. 5.12% of the stock is currently owned by company insiders.

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.