Texas Permanent School Fund Corp Reduces Stock Position in RadNet, Inc. $RDNT

Texas Permanent School Fund Corp lessened its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 17.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,665 shares of the medical research company’s stock after selling 8,887 shares during the period. Texas Permanent School Fund Corp owned 0.05% of RadNet worth $2,314,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDNT. Beck Mack & Oliver LLC lifted its position in RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock valued at $163,104,000 after buying an additional 211,570 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of RadNet by 6.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock valued at $100,203,000 after purchasing an additional 112,284 shares during the last quarter. Geode Capital Management LLC lifted its holdings in RadNet by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock worth $93,354,000 after buying an additional 37,403 shares during the last quarter. Invesco Ltd. boosted its holdings in RadNet by 7.2% in the second quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock valued at $92,746,000 after purchasing an additional 108,863 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its position in shares of RadNet by 79.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock valued at $79,364,000 after buying an additional 618,392 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Raymond James Financial reissued a “strong-buy” rating on shares of RadNet in a report on Thursday. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 15th. The Goldman Sachs Group raised RadNet to a “buy” rating in a report on Tuesday, December 16th. B. Riley lifted their price objective on RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Finally, Truist Financial set a $90.00 target price on shares of RadNet in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $87.60.

RadNet Stock Up 7.4%

RDNT opened at $76.68 on Monday. The firm has a 50 day moving average price of $78.11 and a 200 day moving average price of $69.20. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $85.84. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.87 and a current ratio of 1.87. The company has a market cap of $5.92 billion, a PE ratio of -451.03 and a beta of 1.49.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The business had revenue of $522.87 million for the quarter, compared to analysts’ expectations of $494.19 million. During the same period last year, the company posted $0.18 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Buying and Selling at RadNet

In other news, CAO Mital Patel sold 25,000 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the completion of the transaction, the chief accounting officer directly owned 205,138 shares in the company, valued at approximately $15,602,796.28. This represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 50,000 shares of company stock valued at $3,902,254 in the last ninety days. 5.60% of the stock is currently owned by corporate insiders.

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.