State of Alaska Department of Revenue Cuts Position in RadNet, Inc. (NASDAQ:RDNT)

State of Alaska Department of Revenue trimmed its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 4.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 37,151 shares of the medical research company’s stock after selling 1,888 shares during the period. State of Alaska Department of Revenue owned approximately 0.05% of RadNet worth $2,577,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in RDNT. Vanguard Group Inc. boosted its holdings 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 worth $147,937,000 after acquiring an additional 32,483 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in RadNet by 18.9% in the 1st 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. Maryland State Retirement & Pension System grew its position in RadNet by 7.0% during the 1st quarter. Maryland State Retirement & Pension System now owns 23,494 shares of the medical research company’s stock valued at $1,120,000 after purchasing an additional 1,532 shares during the last quarter. BNP Paribas Financial Markets increased its stake in RadNet by 29.2% during the 1st quarter. BNP Paribas Financial Markets now owns 38,161 shares of the medical research company’s stock valued at $1,857,000 after purchasing an additional 8,623 shares in the last quarter. Finally, Capstone Investment Advisors LLC lifted its stake in shares of RadNet by 101.0% in the first quarter. Capstone Investment Advisors LLC now owns 15,240 shares of the medical research company’s stock worth $742,000 after buying an additional 7,659 shares in the last quarter. 77.90% of the stock is owned by institutional investors.

Insider Activity at RadNet

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 approximately $3,022,480.32. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.12% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently weighed in on RDNT. Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $57.00 to $79.00 in a report on Friday, September 6th. Sidoti upgraded RadNet to a “strong-buy” rating in a research note on Friday, October 4th. Jefferies Financial Group increased their price objective on RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Finally, Truist Financial boosted their target price on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $74.75.

RadNet Stock Performance

RDNT stock opened at $65.04 on Friday. The company has a market cap of $4.81 billion, a P/E ratio of 464.57 and a beta of 1.74. The company has a debt-to-equity ratio of 0.92, a current ratio of 2.12 and a quick ratio of 2.12. RadNet, Inc. has a 1 year low of $26.14 and a 1 year high of $72.18. The stock’s fifty day moving average price is $66.83 and its 200-day moving average price is $60.87.

RadNet (NASDAQ:RDNT) last announced its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) 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 firm had revenue of $459.70 million during the quarter, compared to analysts’ expectations of $438.53 million. During the same period in the previous year, the business posted $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 forecast that RadNet, Inc. will post 0.6 earnings per share for the current year.

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.