Raymond James Financial Inc. Buys Shares of 473,791 RadNet, Inc. (NASDAQ:RDNT)

Raymond James Financial Inc. bought a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 473,791 shares of the medical research company's stock, valued at approximately $33,090,000. Raymond James Financial Inc. owned approximately 0.64% of RadNet at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Renaissance Technologies LLC bought a new stake in RadNet in the 4th quarter valued at $237,000. Invesco Ltd. increased its stake in RadNet by 4.3% in the fourth quarter. Invesco Ltd. now owns 1,731,074 shares of the medical research company's stock valued at $120,898,000 after acquiring an additional 70,673 shares during the period. Bank of Montreal Can raised its position in RadNet by 13.6% in the fourth quarter. Bank of Montreal Can now owns 8,563 shares of the medical research company's stock worth $598,000 after purchasing an additional 1,026 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in RadNet during the fourth quarter worth about $859,000. Finally, Wells Fargo & Company MN boosted its holdings 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 valued at $5,604,000 after purchasing an additional 18,231 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

RadNet Price Performance

RDNT traded up $0.82 during midday trading on Tuesday, hitting $48.18. The company had a trading volume of 559,254 shares, compared to its average volume of 661,226. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65. The company has a market capitalization of $3.57 billion, a PE ratio of -688.19 and a beta of 1.59. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The firm's 50-day simple moving average is $52.40 and its 200-day simple moving average is $64.77.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $459.42 million. Equities research analysts predict that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Insider Activity

In other RadNet news, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. The trade was a 3.28 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Swartz sold 25,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now owns 174,067 shares of the company's stock, valued at $8,849,566.28. The trade was a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,000 shares of company stock valued at $1,926,730 over the last 90 days. 5.12% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

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

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.