Parallel Advisors LLC Has $62,000 Position in RadNet, Inc. $RDNT

Parallel Advisors LLC lowered its holdings in RadNet, Inc. (NASDAQ:RDNT) by 40.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,098 shares of the medical research company’s stock after selling 743 shares during the quarter. Parallel Advisors LLC’s holdings in RadNet were worth $62,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of RDNT. American Century Companies Inc. grew its position in RadNet by 507.9% in the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after purchasing an additional 1,063,516 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in RadNet by 81.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after acquiring an additional 743,922 shares in the last quarter. Alyeska Investment Group L.P. lifted its stake in RadNet by 141.7% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock valued at $60,404,000 after acquiring an additional 712,270 shares in the last quarter. Nuveen LLC bought a new position in RadNet during the 1st quarter valued at $27,422,000. Finally, Ameriprise Financial Inc. lifted its stake in RadNet by 180.6% during the 1st 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 and hedge funds own 77.90% of the company’s stock.

RadNet Trading Down 0.6%

NASDAQ RDNT opened at $75.12 on Friday. The stock has a market capitalization of $5.78 billion, a price-to-earnings ratio of -375.58 and a beta of 1.54. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. 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 business’s fifty day moving average is $66.48 and its 200-day moving average is $58.39.

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

Analyst Ratings Changes

RDNT has been the topic of several recent analyst reports. Truist Financial raised their price objective on RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. B. Riley initiated coverage on RadNet in a research note on Friday, June 13th. They set a “buy” rating and a $69.00 price objective on the stock. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Barclays raised their price objective on RadNet from $60.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research note on Monday, August 18th. Three analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, RadNet has a consensus rating of “Buy” and an average target price of $76.80.

Insiders Place Their Bets

In related news, EVP David Jeffrey Katz sold 17,000 shares of the business’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total value of $1,161,270.00. Following the sale, the executive vice president directly owned 86,774 shares in the company, valued at approximately $5,927,531.94. The trade was a 16.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mark Stolper sold 35,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total value of $2,586,150.00. Following the completion of the sale, the executive vice president owned 68,012 shares in the company, valued at $5,025,406.68. This represents a 33.98% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 135,098 shares of company stock worth $9,430,715 in the last ninety days. 5.60% of the stock is owned by corporate insiders.

About RadNet

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.