Man Group plc Takes Position in RadNet, Inc. $RDNT

Man Group plc acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, HoldingsChannel reports. The fund acquired 76,807 shares of the medical research company’s stock, valued at approximately $4,737,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Allworth Financial LP lifted its stake in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after purchasing an additional 305 shares during the last quarter. Danske Bank A S acquired a new position in shares of RadNet during the 3rd quarter valued at $30,000. Eurizon Capital SGR S.p.A. bought a new stake in RadNet in the fourth quarter worth about $36,000. Harbour Investments Inc. bought a new stake in RadNet during the fourth quarter worth approximately $42,000. Finally, State of Wyoming bought a new stake in shares of RadNet during the 2nd quarter worth $58,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Analyst Ratings Changes

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

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer owned 69,075 shares in the company, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction 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 completion of the sale, the director directly owned 177,013 shares in the company, 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. 5.14% of the stock is owned by insiders.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $74.61 on Monday. 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, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84. The firm has a 50 day moving average price of $67.31 and a 200 day moving average price of $62.24. The stock has a market cap of $5.87 billion, a P/E ratio of -276.32 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $610.87 million. During the same quarter in the prior year, the company earned $0.31 earnings per share. The business’s quarterly revenue was up 25.0% compared to the same quarter last year. Analysts expect that RadNet, Inc. will post 0.49 EPS 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.