Hsbc Holdings PLC Buys Shares of 19,257 RadNet, Inc. $RDNT

Hsbc Holdings PLC bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 19,257 shares of the medical research company’s stock, valued at approximately $1,163,000.

A number of other institutional investors have also made changes to their positions in RDNT. AQR Capital Management LLC raised its stake in shares of RadNet by 5.4% in the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after acquiring an additional 350 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of RadNet by 4.5% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock worth $1,956,000 after acquiring an additional 1,699 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of RadNet by 563.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock worth $85,000 after acquiring an additional 1,448 shares during the last quarter. United Services Automobile Association purchased a new position in shares of RadNet during the 1st quarter worth approximately $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock worth $21,904,000 after purchasing an additional 8,762 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Price Performance

Shares of RDNT opened at $75.82 on Tuesday. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The firm’s 50 day moving average price is $67.71 and its 200 day moving average price is $62.28. The company has a market cap of $5.97 billion, a P/E ratio of -280.80 and a beta of 1.36. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94.

RadNet (NASDAQ:RDNT) last released its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The company had revenue of $622.72 million for the quarter, compared to analyst estimates of $610.87 million. During the same period in the prior year, the business earned $0.31 EPS. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. On average, research analysts forecast that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on RDNT. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Barclays lifted their price objective on RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday. Finally, Truist Financial boosted their price objective on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Two equities research analysts have 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $90.00.

Insiders Place Their Bets

In other news, Director David L. Swartz sold 2,699 shares of the company’s stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the sale, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is currently owned by corporate insiders.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.