Palisade Capital Management LP Purchases New Position in RadNet, Inc. $RDNT

Palisade Capital Management LP purchased a new position in RadNet, Inc. (NASDAQ:RDNT) in the second quarter, HoldingsChannel reports. The fund purchased 199,431 shares of the medical research company’s stock, valued at approximately $12,299,000.

Several other large investors have also bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of RadNet during the 2nd quarter worth approximately $675,768,000. RTW Investments LP lifted its stake in shares of RadNet by 39.9% in the 4th quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock valued at $281,012,000 after purchasing an additional 1,122,956 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of RadNet by 30.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock valued at $192,581,000 after purchasing an additional 627,936 shares during the period. State Street Corp boosted its position in shares of RadNet by 1.6% during the fourth quarter. State Street Corp now owns 2,579,073 shares of the medical research company’s stock valued at $184,017,000 after purchasing an additional 41,356 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of RadNet by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,671,543 shares of the medical research company’s stock valued at $119,283,000 after purchasing an additional 6,655 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RDNT shares. Barclays decreased their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Truist Financial increased their price target on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Two research 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 assigned a Sell rating to the stock. According to MarketBeat.com, RadNet has an average rating of “Moderate Buy” and a consensus price target of $88.00.

Insider Buying and Selling at RadNet

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

RadNet Stock Up 2.9%

RDNT stock 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 company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The firm has a market cap of $6.05 billion, a PE ratio of -284.66 and a beta of 1.36. The business has a 50 day moving average of $65.99 and a 200 day moving average of $62.07.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The business had revenue of $622.72 million during the quarter, compared to analysts’ expectations of $610.87 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The firm’s quarterly revenue was up 25.0% compared to the same quarter last year. On average, research analysts forecast that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

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.