PNC Financial Services Group Inc. Buys 578 Shares of RadNet, Inc. (NASDAQ:RDNT)

PNC Financial Services Group Inc. raised its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 22.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 3,187 shares of the medical research company’s stock after acquiring an additional 578 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RadNet were worth $223,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. State Street Corp grew its position in shares of RadNet by 1.3% in the third quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after purchasing an additional 30,244 shares during the last quarter. Geode Capital Management LLC grew its position in shares of RadNet by 0.8% in the third quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock valued at $107,936,000 after purchasing an additional 11,613 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of RadNet by 8.5% in the third quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock valued at $104,539,000 after purchasing an additional 118,501 shares during the last quarter. JB Capital Partners LP grew its position in shares of RadNet by 15.9% in the third quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after purchasing an additional 206,850 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its position in shares of RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock valued at $103,532,000 after purchasing an additional 344,146 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Insider Activity

In other news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares in the company, valued at approximately $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 2,000 shares of RadNet stock in a transaction that occurred on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total transaction of $105,160.00. Following the completion of the transaction, the chief executive officer now owns 58,995 shares of the company’s stock, valued at $3,101,957.10. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 38,000 shares of company stock worth $1,926,730. Insiders own 5.12% of the company’s stock.

RadNet Stock Down 0.9 %

NASDAQ RDNT opened at $49.25 on Friday. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock’s 50 day moving average is $58.78 and its two-hundred day moving average is $67.49. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of -703.47 and a beta of 1.85. RadNet, Inc. has a 1-year low of $45.82 and a 1-year high of $93.65.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. RadNet had a positive return on equity of 4.29% and a negative net margin of 0.25%. Equities analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Barclays lowered their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. Jefferies Financial Group decreased their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday. Finally, Truist Financial reissued a “buy” rating and set a $88.00 target price (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $76.75.

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.