Envestnet Asset Management Inc. Acquires 3,521 Shares of RadNet, Inc. (NASDAQ:RDNT)

Envestnet Asset Management Inc. grew its holdings in RadNet, Inc. (NASDAQ:RDNT) by 3.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 93,391 shares of the medical research company’s stock after acquiring an additional 3,521 shares during the quarter. Envestnet Asset Management Inc.’s holdings in RadNet were worth $5,503,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of RadNet by 8.1% in the first quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock valued at $223,862,000 after acquiring an additional 345,822 shares during the period. Principal Financial Group Inc. raised its stake in shares of RadNet by 11.8% in the first quarter. Principal Financial Group Inc. now owns 1,442,887 shares of the medical research company’s stock valued at $70,211,000 after purchasing an additional 152,305 shares in the last quarter. Hood River Capital Management LLC raised its stake in shares of RadNet by 7.8% in the first quarter. Hood River Capital Management LLC now owns 1,071,129 shares of the medical research company’s stock valued at $52,121,000 after purchasing an additional 77,244 shares in the last quarter. Global Alpha Capital Management Ltd. raised its stake in shares of RadNet by 16.2% in the first quarter. Global Alpha Capital Management Ltd. now owns 1,019,934 shares of the medical research company’s stock valued at $49,630,000 after purchasing an additional 141,830 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of RadNet by 103.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company’s stock valued at $59,626,000 after purchasing an additional 515,342 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

RadNet Stock Up 0.1 %

Shares of NASDAQ RDNT opened at $69.39 on Tuesday. The stock has a market cap of $5.13 billion, a PE ratio of 231.30 and a beta of 1.74. The business has a fifty day moving average of $63.78 and a two-hundred day moving average of $57.68. RadNet, Inc. has a 52-week low of $25.11 and a 52-week high of $71.92. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). The company had revenue of $459.70 million for the quarter, compared to the consensus estimate of $438.53 million. RadNet had a net margin of 0.58% and a return on equity of 4.30%. The firm’s revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.24 earnings per share. As a group, equities research analysts expect that RadNet, Inc. will post 0.6 earnings per share for the current fiscal year.

Insider Buying and Selling at RadNet

In related news, EVP Michael N. Murdock sold 15,000 shares of RadNet stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total value of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares of the company’s stock, valued at $3,022,480.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 5.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDNT. Truist Financial upped their target price on RadNet from $70.00 to $80.00 and gave the company a “buy” rating in a research note on Monday, September 23rd. Jefferies Financial Group upped their target price on RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, September 19th. Finally, Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $57.00 to $79.00 in a research note on Friday, September 6th. One 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, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $74.75.

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.