Louisiana State Employees Retirement System Takes $1.73 Million Position in RadNet, Inc. $RDNT

Louisiana State Employees Retirement System bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the first quarter, Holdings Channel.com reports. The fund bought 30,900 shares of the medical research company’s stock, valued at approximately $1,727,000.

Several other hedge funds and other institutional investors have also bought and sold shares of RDNT. Geneos Wealth Management Inc. bought a new stake in RadNet during the fourth quarter valued at $25,000. Allworth Financial LP raised its position in shares of RadNet by 346.6% in the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after acquiring an additional 305 shares in the last quarter. Danske Bank A S bought a new position in shares of RadNet in the 3rd quarter worth about $30,000. Eurizon Capital SGR S.p.A. acquired a new position in shares of RadNet in the 4th quarter valued at about $36,000. Finally, Harbour Investments Inc. acquired a new position in shares of RadNet in the 4th quarter valued at about $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Insider Transactions at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was 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 of the company’s stock, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value 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 position. The SEC filing for this sale provides additional information. Insiders own 5.60% of the company’s stock.

RadNet Trading Up 6.4%

RDNT opened at $65.62 on Thursday. RadNet, Inc. has a 1-year low of $50.76 and a 1-year high of $85.84. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a market cap of $5.16 billion, a P/E ratio of -364.54 and a beta of 1.36. The company has a fifty day moving average price of $56.13 and a two-hundred day moving average price of $63.35.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The company had revenue of $575.63 million for the quarter, compared to the consensus estimate of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the company earned ($0.50) EPS. Analysts predict that RadNet, Inc. will post 0.54 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently commented on RDNT. Weiss Ratings cut RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Tuesday, May 12th. Barclays dropped their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $87.43.

RadNet Company 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.