First Trust Advisors LP Raises Stock Holdings in RadNet, Inc. (NASDAQ:RDNT)

First Trust Advisors LP lifted its position in RadNet, Inc. (NASDAQ:RDNT - Free Report) by 40.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 107,679 shares of the medical research company's stock after buying an additional 30,975 shares during the quarter. First Trust Advisors LP owned approximately 0.15% of RadNet worth $7,520,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of RDNT. Highland Capital Management LLC lifted its stake in RadNet by 6.5% in the 4th quarter. Highland Capital Management LLC now owns 3,307 shares of the medical research company's stock worth $231,000 after purchasing an additional 202 shares in the last quarter. Summit Investment Advisors Inc. raised its position in shares of RadNet by 3.3% in the fourth quarter. Summit Investment Advisors Inc. now owns 6,917 shares of the medical research company's stock worth $483,000 after buying an additional 219 shares in the last quarter. Summit Financial LLC raised its position in shares of RadNet by 2.4% in the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company's stock worth $776,000 after buying an additional 262 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd boosted its stake in RadNet by 4.3% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 7,389 shares of the medical research company's stock valued at $516,000 after buying an additional 302 shares during the period. Finally, Fifth Third Bancorp grew its position in 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 buying an additional 305 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RDNT. StockNews.com upgraded RadNet to a "sell" rating in a research report on Wednesday, March 19th. Barclays cut their price target on shares of RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. Truist Financial lowered their price objective on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Jefferies Financial Group dropped their price objective on shares of RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. Finally, Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and lowered their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $69.75.

Insider Activity

In related news, COO Norman R. Hames sold 5,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the sale, the chief operating officer now directly owns 261,959 shares of the company's stock, valued at $13,042,938.61. This trade represents a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David L. Swartz sold 25,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total value 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. This represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,000 shares of company stock valued at $1,926,730. 5.12% of the stock is currently owned by company insiders.

RadNet Trading Up 2.2 %

Shares of RadNet stock traded up $1.17 during trading on Friday, reaching $53.38. The company's stock had a trading volume of 844,767 shares, compared to its average volume of 664,511. 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 52-week low of $45.00 and a 52-week high of $93.65. The firm's 50-day moving average is $50.80 and its two-hundred day moving average is $63.88. The company has a market cap of $4.00 billion, a price-to-earnings ratio of -762.46 and a beta of 1.59.

RadNet (NASDAQ:RDNT - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.21 by $0.01. The firm had revenue of $477.10 million for the quarter, compared to analysts' expectations of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

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.