Mairs & Power Inc. Raises Stock Holdings in RadNet, Inc. $RDNT

Mairs & Power Inc. increased its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 68.9% in the third quarter, according to its most recent filing with the SEC. The fund owned 97,483 shares of the medical research company’s stock after acquiring an additional 39,752 shares during the period. Mairs & Power Inc.’s holdings in RadNet were worth $7,429,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in RadNet by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 7,483,869 shares of the medical research company’s stock worth $570,346,000 after acquiring an additional 95,015 shares in the last quarter. Beck Mack & Oliver LLC boosted its position in RadNet by 0.4% during the 3rd quarter. Beck Mack & Oliver LLC now owns 3,276,774 shares of the medical research company’s stock valued at $249,723,000 after acquiring an additional 13,633 shares in the last quarter. Geode Capital Management LLC raised its position in shares of RadNet by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 1,640,188 shares of the medical research company’s stock worth $93,354,000 after acquiring an additional 37,403 shares in the last quarter. Invesco Ltd. lifted its stake in shares of RadNet by 7.2% during the 2nd quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock worth $92,746,000 after purchasing an additional 108,863 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in RadNet by 1.4% during the third quarter. Ameriprise Financial Inc. now owns 1,413,734 shares of the medical research company’s stock valued at $107,741,000 after purchasing an additional 19,182 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 3.2%

NASDAQ RDNT opened at $64.10 on Tuesday. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $85.84. The company has a fifty day simple moving average of $70.02 and a two-hundred day simple moving average of $74.05. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The stock has a market cap of $4.97 billion, a P/E ratio of -256.40 and a beta of 1.49.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Monday, March 2nd. The medical research company reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.04. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The firm had revenue of $547.71 million for the quarter, compared to analyst estimates of $515.67 million. During the same period in the previous year, the company earned $0.22 earnings per share. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. On average, analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on RDNT. Truist Financial set a $90.00 target price on shares of RadNet in a report on Wednesday, December 17th. The Goldman Sachs Group upgraded shares of RadNet to a “buy” rating in a research note on Tuesday, December 16th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 price target on shares of RadNet in a report on Tuesday, March 3rd. Finally, KeyCorp raised RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and a consensus price target of $90.43.

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.