Los Angeles Capital Management LLC Acquires New Shares in RadNet, Inc. (NASDAQ:RDNT)

Los Angeles Capital Management LLC bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,483 shares of the medical research company’s stock, valued at approximately $218,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in RadNet by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock valued at $147,937,000 after buying an additional 32,483 shares during the period. Wellington Management Group LLP raised its position in RadNet by 16.9% in the fourth quarter. Wellington Management Group LLP now owns 727,172 shares of the medical research company’s stock valued at $25,284,000 after purchasing an additional 105,164 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of RadNet by 3.7% during the fourth quarter. Goldman Sachs Group Inc. now owns 771,662 shares of the medical research company’s stock worth $26,831,000 after buying an additional 27,311 shares during the period. Teachers Retirement System of The State of Kentucky grew its stake in shares of RadNet by 3.8% in the fourth quarter. Teachers Retirement System of The State of Kentucky now owns 61,447 shares of the medical research company’s stock valued at $2,136,000 after buying an additional 2,272 shares in the last quarter. Finally, SG Capital Management LLC raised its holdings in shares of RadNet by 389.5% in the 4th quarter. SG Capital Management LLC now owns 85,425 shares of the medical research company’s stock valued at $2,970,000 after buying an additional 67,974 shares during the period. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Insider Buying and Selling

In other RadNet news, EVP Alma Gregory Sorensen sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $61.24, for a total transaction of $306,200.00. Following the transaction, the executive vice president now owns 1,249,205 shares of the company’s stock, valued at $76,501,314.20. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Lawrence L. Levitt sold 4,000 shares of the company’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $57.77, for a total value of $231,080.00. Following the completion of the sale, the director now owns 172,657 shares in the company, valued at approximately $9,974,394.89. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Alma Gregory Sorensen sold 5,000 shares of the firm’s stock in a transaction on Tuesday, June 11th. The stock was sold at an average price of $61.24, for a total transaction of $306,200.00. Following the transaction, the executive vice president now directly owns 1,249,205 shares in the company, valued at $76,501,314.20. The disclosure for this sale can be found here. Insiders have sold 99,730 shares of company stock worth $6,121,516 in the last ninety days. 5.12% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently commented on RDNT shares. Truist Financial reissued a “buy” rating and issued a $63.00 price objective (up previously from $55.00) on shares of RadNet in a research note on Wednesday, May 15th. Barclays assumed coverage on RadNet in a research report on Wednesday, March 6th. They set an “equal weight” rating and a $48.00 price objective on the stock. Raymond James lifted their target price on RadNet from $50.00 to $60.00 and gave the company an “outperform” rating in a report on Friday, May 10th. Jefferies Financial Group upped their price target on RadNet from $47.00 to $58.00 and gave the stock a “buy” rating in a report on Friday, March 22nd. Finally, StockNews.com cut RadNet from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, RadNet presently has a consensus rating of “Hold” and an average price target of $57.25.

RadNet Stock Up 1.3 %

RadNet stock opened at $58.90 on Friday. The stock has a market cap of $4.35 billion, a PE ratio of 196.33 and a beta of 1.76. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.86 and a quick ratio of 1.86. The stock’s fifty day moving average is $56.03 and its two-hundred day moving average is $46.05. RadNet, Inc. has a 1-year low of $25.11 and a 1-year high of $64.06.

RadNet (NASDAQ:RDNT) last issued its earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.16. The business had revenue of $431.70 million for the quarter, compared to analyst estimates of $421.72 million. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) EPS. On average, sell-side analysts expect that RadNet, Inc. will post 0.59 EPS 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.