Contravisory Investment Management Inc. Acquires 5,875 Shares of RadNet, Inc. (NASDAQ:RDNT)

Contravisory Investment Management Inc. boosted its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 1,702.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,220 shares of the medical research company’s stock after buying an additional 5,875 shares during the quarter. Contravisory Investment Management Inc.’s holdings in RadNet were worth $303,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RDNT. Assetmark Inc. raised its position in shares of RadNet by 35.2% in the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock valued at $111,000 after purchasing an additional 829 shares during the period. MQS Management LLC bought a new position in shares of RadNet in the third quarter worth about $209,000. Los Angeles Capital Management LLC acquired a new position in shares of RadNet during the 1st quarter worth about $218,000. Moran Wealth Management LLC bought a new stake in RadNet during the 4th quarter valued at approximately $236,000. Finally, Beverly Hills Private Wealth LLC acquired a new stake in RadNet in the 4th quarter valued at approximately $243,000. 77.90% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RDNT has been the topic of a number of research reports. Jefferies Financial Group boosted their target price on shares of RadNet from $47.00 to $58.00 and gave the stock a “buy” rating in a research report on Friday, March 22nd. Truist Financial restated a “buy” rating and set a $63.00 price objective (up previously from $55.00) on shares of RadNet in a report on Wednesday, May 15th. Barclays started coverage on shares of RadNet in a research note on Wednesday, March 6th. They issued an “equal weight” rating and a $48.00 target price for the company. StockNews.com lowered RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, Raymond James raised their price objective on RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, RadNet presently has an average rating of “Hold” and an average target price of $57.25.

Insider Buying and Selling

In other news, EVP David Jeffrey Katz sold 16,400 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the completion of the sale, the executive vice president now owns 65,441 shares of the company’s stock, valued at $4,008,915.66. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other RadNet news, EVP David Jeffrey Katz sold 16,400 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $61.26, for a total value of $1,004,664.00. Following the completion of the sale, the executive vice president now owns 65,441 shares in the company, valued at approximately $4,008,915.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Norman R. Hames sold 15,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.15, for a total transaction of $917,250.00. Following the transaction, the chief operating officer now owns 280,919 shares in the company, valued at $17,178,196.85. The disclosure for this sale can be found here. Insiders sold 99,730 shares of company stock worth $6,121,516 in the last quarter. 5.12% of the stock is owned by corporate insiders.

RadNet Trading Up 2.5 %

RDNT stock opened at $58.74 on Monday. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. The firm has a market cap of $4.34 billion, a P/E ratio of 195.80 and a beta of 1.76. RadNet, Inc. has a 1-year low of $25.11 and a 1-year high of $64.06. The business’s 50 day moving average is $55.19 and its 200-day moving average is $45.57.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.16. The firm had revenue of $431.70 million for the quarter, compared to analysts’ expectations of $421.72 million. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.08) earnings per share. Equities analysts anticipate that RadNet, Inc. will post 0.59 earnings per share for the current fiscal year.

RadNet Profile

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.