Gradient Investments LLC Invests $1.30 Million in RadNet, Inc. $RDNT

Gradient Investments LLC bought a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, HoldingsChannel reports. The firm bought 21,028 shares of the medical research company’s stock, valued at approximately $1,297,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDNT. Nations Financial Group Inc. IA ADV purchased a new stake in shares of RadNet during the fourth quarter valued at approximately $1,118,000. Van Berkom & Associates Inc. boosted its stake in shares of RadNet by 24.9% in the first quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock valued at $57,488,000 after purchasing an additional 204,858 shares during the period. Campbell Newman Asset Management Inc. purchased a new position in shares of RadNet in the fourth quarter valued at $1,773,000. Bessemer Group Inc. grew its holdings in RadNet by 11.4% during the 4th quarter. Bessemer Group Inc. now owns 493,999 shares of the medical research company’s stock valued at $35,248,000 after purchasing an additional 50,690 shares in the last quarter. Finally, SEB Asset Management AB acquired a new stake in RadNet during the 1st quarter valued at $4,287,000. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Stock Performance

Shares of RadNet stock opened at $72.39 on Monday. The business has a fifty day simple moving average of $60.95 and a 200-day simple moving average of $61.66. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The firm has a market cap of $5.69 billion, a price-to-earnings ratio of -402.14 and a beta of 1.36. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79.

RadNet (NASDAQ:RDNT) last released its 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 positive return on equity of 2.77% and a negative net margin of 0.66%.The firm had revenue of $575.63 million for the quarter, compared to analyst estimates of $557.93 million. During the same period in the previous year, the firm earned ($0.50) earnings per share. RadNet’s revenue was up 22.1% on a year-over-year basis. On average, equities analysts forecast that RadNet, Inc. will post 0.52 EPS for the current fiscal year.

Insider Activity at RadNet

In related news, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction that occurred 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 sale, the director directly owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.14% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on RDNT shares. Weiss Ratings lowered RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Barclays decreased their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Finally, Zacks Research cut RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Two equities research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $87.43.

RadNet 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.