Persistent Asset Partners Ltd Takes $667,000 Position in RadNet, Inc. $RDNT

Persistent Asset Partners Ltd bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 11,724 shares of the medical research company’s stock, valued at approximately $667,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. American Century Companies Inc. increased its stake in RadNet by 507.9% in the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after purchasing an additional 1,063,516 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of RadNet by 81.4% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after buying an additional 743,922 shares in the last quarter. Alyeska Investment Group L.P. grew its position in shares of RadNet by 141.7% in the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock valued at $60,404,000 after buying an additional 712,270 shares during the last quarter. Nuveen LLC acquired a new stake in RadNet during the 1st quarter worth $27,422,000. Finally, Ameriprise Financial Inc. raised its stake in RadNet by 180.6% during the 1st quarter. Ameriprise Financial Inc. now owns 776,160 shares of the medical research company’s stock worth $38,593,000 after acquiring an additional 499,534 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RDNT has been the topic of several research reports. Morgan Stanley raised RadNet to an “overweight” rating in a report on Monday, August 11th. Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a research note on Wednesday, October 8th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $95.00 price target on shares of RadNet in a research report on Friday. Zacks Research downgraded RadNet from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Barclays raised their target price on shares of RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, RadNet presently has a consensus rating of “Moderate Buy” and an average price target of $84.00.

Insider Activity

In related news, insider Ranjan Jayanathan sold 65,598 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the transaction, the insider directly owned 138,198 shares of the company’s stock, valued at $9,328,365. This represents a 32.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Mark Stolper sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the sale, the executive vice president owned 68,012 shares of the company’s stock, valued at approximately $5,025,406.68. The trade was a 33.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 118,098 shares of company stock worth $8,269,445 in the last 90 days. Corporate insiders own 5.60% of the company’s stock.

RadNet Stock Up 2.3%

RadNet stock opened at $75.15 on Friday. The stock has a 50 day moving average of $76.59 and a two-hundred day moving average of $65.36. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $85.42. The stock has a market capitalization of $5.80 billion, a price-to-earnings ratio of -375.73 and a beta of 1.58. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Sunday, November 9th. The medical research company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.03). RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The company had revenue of $522.87 million for the quarter, compared to analysts’ expectations of $494.19 million. During the same quarter last year, the company earned $0.18 EPS. RadNet’s revenue for the quarter was up 13.4% compared to the same quarter last year. As a group, research analysts expect that RadNet, Inc. will post 0.56 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.