State of New Jersey Common Pension Fund D Decreases Stake in RadNet, Inc. (NASDAQ:RDNT)

State of New Jersey Common Pension Fund D decreased its position in RadNet, Inc. (NASDAQ:RDNT) by 56.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 31,342 shares of the medical research company’s stock after selling 40,702 shares during the period. State of New Jersey Common Pension Fund D’s holdings in RadNet were worth $1,847,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AGF Management Ltd. purchased a new stake in RadNet in the 2nd quarter valued at about $8,793,000. Steigerwald Gordon & Koch Inc. increased its stake in shares of RadNet by 153.9% during the 2nd quarter. Steigerwald Gordon & Koch Inc. now owns 15,470 shares of the medical research company’s stock worth $911,000 after purchasing an additional 9,376 shares during the last quarter. Choreo LLC purchased a new stake in shares of RadNet during the 2nd quarter worth approximately $618,000. Arizona State Retirement System increased its stake in shares of RadNet by 10.6% during the 2nd quarter. Arizona State Retirement System now owns 17,539 shares of the medical research company’s stock worth $1,033,000 after purchasing an additional 1,679 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of RadNet by 5.3% during the 2nd quarter. Rhumbline Advisers now owns 182,870 shares of the medical research company’s stock worth $10,775,000 after purchasing an additional 9,214 shares during the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RDNT shares. Truist Financial raised their price target on shares of RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research note on Monday. Barclays raised shares of RadNet from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Finally, Jefferies Financial Group raised their price objective on shares of RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.75.

Insider Buying and Selling

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total value of $941,700.00. Following the transaction, the executive vice president now directly owns 48,144 shares in the company, valued at $3,022,480.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 5.12% of the stock is currently owned by corporate insiders.

RadNet Price Performance

RDNT stock opened at $71.10 on Tuesday. The firm’s 50-day moving average price is $63.20 and its two-hundred day moving average price is $57.01. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 237.00 and a beta of 1.74. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.92. RadNet, Inc. has a 12-month low of $25.11 and a 12-month high of $71.80.

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

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.