KLP Kapitalforvaltning AS Buys 1,100 Shares of RadNet, Inc. $RDNT

KLP Kapitalforvaltning AS lifted its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 9.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 13,200 shares of the medical research company’s stock after purchasing an additional 1,100 shares during the quarter. KLP Kapitalforvaltning AS’s holdings in RadNet were worth $751,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. American Century Companies Inc. increased its stake 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 worth $63,290,000 after acquiring an additional 1,063,516 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in RadNet by 81.4% in the 1st 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 acquiring an additional 743,922 shares during the last quarter. Alyeska Investment Group L.P. increased its stake in RadNet by 141.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock worth $60,404,000 after acquiring an additional 712,270 shares during the last quarter. Nuveen LLC bought a new position in RadNet in the 1st quarter worth about $27,422,000. Finally, Ameriprise Financial Inc. increased its stake in RadNet by 180.6% in the 1st quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company’s stock worth $38,593,000 after acquiring an additional 499,534 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Mark Stolper sold 35,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the sale, the executive vice president owned 68,012 shares of the company’s stock, valued at approximately $5,025,406.68. The trade was a 33.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Norman R. Hames sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total value of $727,400.00. Following the sale, the chief operating officer directly owned 239,183 shares of the company’s stock, valued at $17,398,171.42. This represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,098 shares of company stock valued at $9,430,715 in the last ninety days. 5.60% of the stock is currently owned by company insiders.

RadNet Stock Up 0.8%

RadNet stock opened at $77.39 on Friday. The stock has a market cap of $5.95 billion, a PE ratio of -386.93 and a beta of 1.59. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The stock has a fifty day moving average of $72.37 and a 200 day moving average of $61.13.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on RDNT shares. Zacks Research upgraded RadNet from a “hold” rating to a “strong-buy” rating in a research note on Tuesday. Truist Financial lifted their price objective on RadNet from $74.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Raymond James Financial restated a “strong-buy” rating and set a $75.00 price target (up from $66.00) on shares of RadNet in a research report on Wednesday, August 13th. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of RadNet in a report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $76.80.

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.