Expect Equity LLC Takes Position in RadNet, Inc. $RDNT

Expect Equity LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 31,686 shares of the medical research company’s stock, valued at approximately $1,954,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. purchased a new position in RadNet during the fourth quarter valued at $25,000. Allworth Financial LP increased its stake in shares of 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 in the last quarter. Danske Bank A S purchased a new stake in shares of RadNet during the third quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of RadNet during the 4th quarter worth about $36,000. Finally, Harbour Investments Inc. acquired a new position in shares of RadNet during the 4th quarter worth about $42,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

RDNT opened at $76.86 on Wednesday. RadNet, Inc. has a twelve month low of $50.82 and a twelve month high of $85.84. The firm has a market capitalization of $6.05 billion, a PE ratio of -284.66 and a beta of 1.36. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. The firm’s 50-day moving average price is $65.99 and its 200 day moving average price is $62.07.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. During the same quarter in the prior year, the firm earned $0.31 EPS. RadNet’s quarterly revenue was up 25.0% on a year-over-year basis. As a group, sell-side analysts expect that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RDNT. Barclays lowered their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Truist Financial increased their target price on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Finally, Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $88.00.

Insider Activity at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 5.14% of the stock is currently owned by company insiders.

About RadNet

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.