Arizona State Retirement System Grows Position in RadNet, Inc. (NASDAQ:RDNT)

Arizona State Retirement System grew its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 10.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,539 shares of the medical research company’s stock after purchasing an additional 1,679 shares during the quarter. Arizona State Retirement System’s holdings in RadNet were worth $1,033,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Nisa Investment Advisors LLC increased its holdings in RadNet by 774.2% in the second quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock valued at $50,000 after buying an additional 751 shares in the last quarter. GAMMA Investing LLC raised its holdings in RadNet by 74.7% in the 2nd quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after purchasing an additional 370 shares during the period. Assetmark Inc. boosted its position in RadNet by 35.2% during the fourth quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock worth $111,000 after purchasing an additional 829 shares in the last quarter. SG Americas Securities LLC grew its holdings in RadNet by 8.7% in the first quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock valued at $177,000 after purchasing an additional 291 shares during the period. Finally, MQS Management LLC purchased a new stake in shares of RadNet in the first quarter valued at approximately $207,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Gregory E. Spurlock sold 7,167 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the completion of the sale, the director now owns 9,758 shares of the company’s stock, valued at $583,040.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of RadNet stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total value of $941,700.00. Following the sale, the executive vice president now owns 48,144 shares in the company, valued at $3,022,480.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Gregory E. Spurlock sold 7,167 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $59.75, for a total value of $428,228.25. Following the completion of the transaction, the director now directly owns 9,758 shares in the company, valued at approximately $583,040.50. The disclosure for this sale can be found here. Corporate insiders own 5.12% of the company’s stock.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $67.79 on Friday. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of 225.97 and a beta of 1.74. RadNet, Inc. has a 52 week low of $25.11 and a 52 week high of $69.60. The firm has a 50-day simple moving average of $62.12 and a 200-day simple moving average of $55.79. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92.

RadNet (NASDAQ:RDNT) last issued its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a return on equity of 4.30% and a net margin of 0.58%. The company had revenue of $459.70 million for the quarter, compared to analyst estimates of $438.53 million. During the same quarter in the prior year, the firm earned $0.24 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities analysts predict that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RDNT shares. Truist Financial lifted their price target on shares of RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $79.00 in a research note on Friday, September 6th. Finally, Jefferies Financial Group raised their price target on shares of RadNet from $61.00 to $75.00 and gave the company a “buy” rating in a research note on Thursday, July 11th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $71.00.

RadNet Company 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.