New York State Teachers Retirement System Acquires 10,700 Shares of RadNet, Inc. $RDNT

New York State Teachers Retirement System grew its holdings in RadNet, Inc. (NASDAQ:RDNT) by 53.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 30,855 shares of the medical research company’s stock after acquiring an additional 10,700 shares during the period. New York State Teachers Retirement System’s holdings in RadNet were worth $2,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Castleark Management LLC boosted its position in shares of RadNet by 241.7% in the second quarter. Castleark Management LLC now owns 96,203 shares of the medical research company’s stock worth $5,475,000 after purchasing an additional 68,050 shares during the period. Praxis Investment Management Inc. bought a new stake in shares of RadNet during the 2nd quarter valued at $225,000. Norges Bank purchased a new position in shares of RadNet during the 2nd quarter valued at $31,051,000. Fulton Bank N.A. bought a new position in RadNet in the 2nd quarter worth $389,000. Finally, Emerald Advisers LLC boosted its holdings in RadNet by 4.2% in the 2nd quarter. Emerald Advisers LLC now owns 672,356 shares of the medical research company’s stock worth $38,264,000 after buying an additional 27,134 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

NASDAQ:RDNT opened at $70.99 on Monday. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.87 and a quick ratio of 1.87. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $85.84. The stock’s 50 day simple moving average is $76.35 and its two-hundred day simple moving average is $71.58. The company has a market cap of $5.48 billion, a price-to-earnings ratio of -417.56 and a beta of 1.51.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, November 10th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. The firm had revenue of $522.87 million for the quarter, compared to the consensus estimate of $494.19 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The firm’s revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In other news, CAO Mital Patel sold 25,000 shares of the business’s stock in a transaction dated 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 sale, the chief accounting officer directly owned 205,138 shares in the company, valued at $15,602,796.28. The trade was a 10.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 50,000 shares of company stock valued at $3,902,254. Company insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on RDNT shares. UBS Group set a $92.00 price target on RadNet in a report on Friday, January 9th. Barclays increased their target price on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. B. Riley boosted their price target on RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a report on Monday, December 1st. Zacks Research lowered shares of RadNet from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Finally, Truist Financial set a $90.00 price objective on shares of RadNet in a research report on Wednesday, December 17th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $90.33.

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.