120,972 Shares in RadNet, Inc. $RDNT Bought by Robotti Robert

Robotti Robert bought a new stake in RadNet, Inc. (NASDAQ:RDNT) during the second quarter, HoldingsChannel reports. The fund bought 120,972 shares of the medical research company’s stock, valued at approximately $7,460,000. RadNet comprises about 1.2% of Robotti Robert’s portfolio, making the stock its 22nd largest position.

A number of other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in RadNet during the second quarter worth about $675,768,000. Deutsche Bank AG bought a new position in shares of RadNet during the 2nd quarter valued at about $30,586,000. Beverly Hills Private Wealth LLC bought a new position in shares of RadNet during the 2nd quarter valued at about $290,000. Bank of New York Mellon Corp purchased a new position in shares of RadNet during the 2nd quarter valued at about $25,937,000. Finally, E. Ohman J or Asset Management AB raised its holdings in shares of RadNet by 1,144.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock valued at $27,934,000 after buying an additional 416,563 shares in the last quarter. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Insider Buying and Selling at RadNet

In other RadNet news, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total transaction of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 5.14% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RDNT. Jefferies Financial Group restated a “buy” rating on shares of RadNet in a research report on Friday, July 31st. Truist Financial lifted their price target on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research note on Tuesday, August 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Barclays lowered their price objective on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Finally, Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $88.00.

RadNet Trading Down 2.8%

NASDAQ RDNT opened at $73.83 on Wednesday. The stock has a market cap of $5.81 billion, a P/E ratio of -273.43 and a beta of 1.36. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The stock has a 50 day simple moving average of $64.10 and a two-hundred day simple moving average of $61.85. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48.

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

About RadNet

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.