EFG Asset Management North America Corp. Buys Shares of 17,057 RadNet, Inc. $RDNT

EFG Asset Management North America Corp. purchased a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 17,057 shares of the medical research company’s stock, valued at approximately $1,300,000.

Other large investors have also recently added to or reduced their stakes in the company. Farther Finance Advisors LLC increased its holdings in RadNet by 1,086.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 439 shares of the medical research company’s stock valued at $33,000 after acquiring an additional 402 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of RadNet in the third quarter valued at approximately $37,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of RadNet during the 2nd quarter worth approximately $35,000. State of Wyoming acquired a new position in shares of RadNet during the 2nd quarter worth approximately $58,000. Finally, Neo Ivy Capital Management purchased a new stake in RadNet in the 2nd quarter valued at approximately $88,000. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Trading Down 2.2%

NASDAQ RDNT opened at $72.50 on Wednesday. The company has a market cap of $5.59 billion, a P/E ratio of -426.45 and a beta of 1.51. RadNet, Inc. has a 12 month low of $45.00 and a 12 month high of $85.84. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.87 and a quick ratio of 1.87. The company has a 50-day moving average of $75.70 and a 200-day moving average of $72.38.

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

Insider Buying and Selling at RadNet

In related news, CAO Mital Patel sold 25,000 shares of RadNet stock in a transaction on Monday, November 17th. The stock was sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer owned 205,138 shares in the company, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $3,902,254. Company insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on RDNT shares. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Monday, December 29th. The Goldman Sachs Group upgraded RadNet to a “buy” rating in a research report on Tuesday, December 16th. B. Riley upped their target price on shares of RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a report on Monday, December 1st. Truist Financial set a $90.00 price target on shares of RadNet in a report on Wednesday, December 17th. Finally, KeyCorp raised shares of RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus price target of $90.33.

About RadNet

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.