Franklin Resources Inc. Increases Stock Position in RadNet, Inc. $RDNT

Franklin Resources Inc. boosted its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 22.0% in the second quarter, Holdings Channel.com reports. The firm owned 552,313 shares of the medical research company’s stock after acquiring an additional 99,757 shares during the period. Franklin Resources Inc.’s holdings in RadNet were worth $31,432,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Beck Mack & Oliver LLC boosted its position in RadNet by 6.9% in the 1st quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock valued at $163,104,000 after buying an additional 211,570 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of RadNet by 6.6% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock worth $100,203,000 after acquiring an additional 112,284 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in shares of RadNet by 81.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock worth $82,417,000 after acquiring an additional 743,922 shares in the last quarter. Geode Capital Management LLC boosted its holdings in RadNet by 2.3% in the second quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock valued at $93,354,000 after purchasing an additional 37,403 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Buying and Selling at RadNet

In other news, CEO Cornelis Wesdorp sold 500 shares of the company’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $72.13, for a total transaction of $36,065.00. Following the completion of the transaction, the chief executive officer directly owned 53,495 shares of the company’s stock, valued at approximately $3,858,594.35. This represents a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mital Patel sold 15,080 shares of the stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $80.05, for a total value of $1,207,154.00. Following the sale, the chief accounting officer owned 180,138 shares in the company, valued at $14,420,046.90. The trade was a 7.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 96,000 shares of company stock worth $7,287,864 in the last ninety days. Insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of recent analyst reports. Zacks Research lowered RadNet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a report on Tuesday. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research note on Monday, August 11th. Truist Financial boosted their target price on shares of RadNet from $81.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, November 12th. Finally, Barclays upped their target price on shares of RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $84.00.

RadNet Stock Performance

RadNet stock opened at $82.79 on Thursday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.84. The company has a fifty day moving average price of $77.80 and a two-hundred day moving average price of $66.88. The company has a market cap of $6.39 billion, a PE ratio of -413.93 and a beta of 1.58.

RadNet (NASDAQ:RDNT) last issued its earnings results on Sunday, November 9th. The medical research company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The business had revenue of $522.87 million for the quarter, compared to analyst estimates of $494.19 million. During the same period last year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Research analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

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.