Norges Bank Takes $31.05 Million Position in RadNet, Inc. $RDNT

Norges Bank bought a new position in RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, HoldingsChannel reports. The fund bought 545,609 shares of the medical research company’s stock, valued at approximately $31,051,000.

Other institutional investors and hedge funds have also modified their holdings of the company. LPL Financial LLC lifted its stake in RadNet by 616.4% in the 1st quarter. LPL Financial LLC now owns 45,260 shares of the medical research company’s stock worth $2,235,000 after acquiring an additional 38,942 shares in the last quarter. US Bancorp DE grew its stake in RadNet by 4,620.8% during the 1st quarter. US Bancorp DE now owns 3,635 shares of the medical research company’s stock valued at $181,000 after acquiring an additional 3,558 shares in the last quarter. Headlands Technologies LLC acquired a new position in shares of RadNet in the 1st quarter valued at about $28,000. Citigroup Inc. lifted its position in shares of RadNet by 74.7% in the first quarter. Citigroup Inc. now owns 312,616 shares of the medical research company’s stock worth $15,543,000 after purchasing an additional 133,682 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in shares of RadNet during the first quarter worth approximately $1,734,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Down 3.1%

RadNet stock opened at $78.59 on Monday. The company has a current ratio of 1.87, a quick ratio of 1.87 and a debt-to-equity ratio of 0.82. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $85.84. The firm’s fifty day simple moving average is $78.42 and its 200-day simple moving average is $67.95. The company has a market capitalization of $6.06 billion, a P/E ratio of -462.27 and a beta of 1.48.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The business had revenue of $522.87 million during the quarter, compared to the consensus estimate of $494.19 million. During the same quarter in the prior year, the company posted $0.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Sell-side analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 10th. The stock was sold at an average price of $72.74, for a total transaction of $727,400.00. Following the completion of the sale, the chief operating officer owned 239,183 shares of the company’s stock, valued at $17,398,171.42. This represents a 4.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mital Patel sold 25,000 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer owned 205,138 shares in the company, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 96,000 shares of company stock worth $7,287,864. Insiders own 5.60% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a research note on Monday, August 11th. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 1st. Barclays increased their price objective on RadNet from $79.00 to $86.00 and gave the stock an “overweight” rating in a report on Thursday, November 13th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price objective on shares of RadNet in a research report on Friday, November 14th. Finally, Truist Financial boosted their target price on RadNet from $81.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, November 12th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and a consensus price target of $87.60.

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.