Modera Wealth Management LLC Purchases Shares of 4,508 RadNet, Inc. (NASDAQ:RDNT)

Modera Wealth Management LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 4,508 shares of the medical research company’s stock, valued at approximately $313,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RDNT. Vanguard Group Inc. boosted its position in RadNet by 0.8% in the fourth 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 in the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of RadNet by 18.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 496,632 shares of the medical research company’s stock worth $24,166,000 after purchasing an additional 78,857 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of RadNet by 7.3% during the first quarter. State of Alaska Department of Revenue now owns 39,872 shares of the medical research company’s stock worth $1,940,000 after purchasing an additional 2,697 shares in the last quarter. Maryland State Retirement & Pension System lifted its position in shares of RadNet by 7.0% during the first quarter. Maryland State Retirement & Pension System now owns 23,494 shares of the medical research company’s stock worth $1,120,000 after purchasing an additional 1,532 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its position in shares of RadNet by 29.2% during the first quarter. BNP Paribas Financial Markets now owns 38,161 shares of the medical research company’s stock worth $1,857,000 after purchasing an additional 8,623 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Trading Up 0.9 %

RDNT opened at $67.70 on Wednesday. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.12 and a quick ratio of 2.12. The company has a market cap of $5.00 billion, a price-to-earnings ratio of 225.67 and a beta of 1.74. The firm has a 50 day simple moving average of $66.65 and a 200 day simple moving average of $60.70. RadNet, Inc. has a fifty-two week low of $25.59 and a fifty-two week high of $72.18.

RadNet (NASDAQ:RDNT) last issued its earnings results 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). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The firm had revenue of $459.70 million during the quarter, compared to the consensus estimate of $438.53 million. During the same period in the previous year, the company posted $0.24 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.6 earnings per share for the current year.

Insider Buying and Selling at RadNet

In other RadNet news, EVP Michael N. Murdock sold 15,000 shares of the company’s 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 completion of the sale, the executive vice president now owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 5.12% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $57.00 to $79.00 in a research report on Friday, September 6th. Jefferies Financial Group boosted their price target on shares of RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. Truist Financial boosted 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, September 23rd. Finally, Sidoti raised shares of RadNet to a “strong-buy” rating in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, four have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $74.75.

About RadNet

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.