Inspire Investing LLC Purchases 1,149 Shares of RadNet, Inc. $RDNT

Inspire Investing LLC lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 20.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 6,893 shares of the medical research company’s stock after purchasing an additional 1,149 shares during the period. Inspire Investing LLC’s holdings in RadNet were worth $343,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in RDNT. American Century Companies Inc. grew its holdings in shares of RadNet by 507.9% in the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock worth $63,290,000 after purchasing an additional 1,063,516 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings 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 purchasing an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. grew its holdings in shares of RadNet by 141.7% in the first quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock worth $60,404,000 after purchasing an additional 712,270 shares during the last quarter. Nuveen LLC bought a new stake in RadNet in the first quarter valued at $27,422,000. Finally, Ameriprise Financial Inc. boosted its holdings in RadNet by 180.6% in the first quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company’s stock valued at $38,593,000 after acquiring an additional 499,534 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

Insiders Place Their Bets

In related news, insider Ranjan Jayanathan sold 65,598 shares of RadNet stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 500 shares of RadNet stock in a transaction dated Thursday, September 11th. The stock was sold at an average price of $72.13, for a total value of $36,065.00. Following the completion of the sale, the chief executive officer owned 53,495 shares of the company’s stock, valued at $3,858,594.35. The trade was a 0.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 100,098 shares of company stock valued at $6,844,565 over the last quarter. Corporate insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on RDNT shares. Zacks Research upgraded shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Monday, August 18th. Raymond James Financial reiterated a “strong-buy” rating and issued a $75.00 price target (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Truist Financial lifted their price target on shares of RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a report on Wednesday, September 3rd. Barclays lifted their price target on shares of RadNet from $60.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. Finally, Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a report on Monday, August 11th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, RadNet has an average rating of “Buy” and an average price target of $76.80.

RadNet Price Performance

RDNT opened at $74.36 on Wednesday. The stock has a 50-day moving average price of $63.82 and a 200-day moving average price of $57.22. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.00 and a quick ratio of 2.00. The firm has a market cap of $5.72 billion, a PE ratio of -371.78 and a beta of 1.54. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.14. The firm had revenue of $498.23 million during the quarter, compared to analyst estimates of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.16 EPS. Sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

RadNet 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.