Norges Bank Makes New Investment in RadNet, Inc. $RDNT

Norges Bank purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 450,721 shares of the medical research company’s stock, valued at approximately $32,159,000. Norges Bank owned about 0.58% of RadNet as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. bought a new stake in RadNet during the fourth quarter worth about $25,000. Allworth Financial LP lifted its stake in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S bought a new stake in RadNet during the third quarter worth about $30,000. Jones Financial Companies Lllp lifted its stake in RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after purchasing an additional 171 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. bought a new stake in shares of RadNet in the 4th quarter valued at about $36,000. Institutional investors own 77.90% of the company’s stock.

Insider Transactions at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total transaction of $932,250.00. Following the transaction, the insider owned 1,208,923 shares in the company, valued at $75,134,564.45. The trade was a 1.23% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 5.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RDNT shares. Jefferies Financial Group reissued a “buy” rating and issued a $91.00 target price on shares of RadNet in a research note on Tuesday, March 3rd. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Finally, Barclays lowered their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, May 20th. Two research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $87.43.

RadNet Stock Down 0.3%

Shares of NASDAQ:RDNT opened at $54.16 on Tuesday. RadNet, Inc. has a 1 year low of $50.76 and a 1 year high of $85.84. The company has a market cap of $4.26 billion, a PE ratio of -300.87 and a beta of 1.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 1.17 and a quick ratio of 1.17. The stock’s 50-day moving average is $55.72 and its 200 day moving average is $66.05.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. The business had revenue of $575.63 million for the quarter, compared to analysts’ expectations of $557.93 million. During the same quarter in the prior year, the firm earned ($0.50) EPS. The firm’s revenue for the quarter was up 22.1% on a year-over-year basis. Sell-side analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

RadNet Company Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.