RadNet, Inc. $RDNT Shares Acquired by AGF Management Ltd.

AGF Management Ltd. boosted its holdings in RadNet, Inc. (NASDAQ:RDNT) by 24.3% during the third quarter, Holdings Channel.com reports. The fund owned 166,098 shares of the medical research company’s stock after acquiring an additional 32,461 shares during the period. AGF Management Ltd.’s holdings in RadNet were worth $12,658,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC lifted its holdings in shares of RadNet by 6.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock valued at $100,203,000 after purchasing an additional 112,284 shares in the last quarter. Geode Capital Management LLC lifted its stake in 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 valued at $93,354,000 after buying an additional 37,403 shares in the last quarter. Invesco Ltd. lifted its stake in RadNet by 7.2% in the 2nd quarter. Invesco Ltd. now owns 1,629,693 shares of the medical research company’s stock valued at $92,746,000 after buying an additional 108,863 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in RadNet by 79.7% during the 2nd quarter. Ameriprise Financial Inc. now owns 1,394,552 shares of the medical research company’s stock valued at $79,364,000 after buying an additional 618,392 shares during the last quarter. Finally, Hood River Capital Management LLC increased its position in RadNet by 1.6% during the second quarter. Hood River Capital Management LLC now owns 1,377,142 shares of the medical research company’s stock worth $78,373,000 after buying an additional 21,027 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RDNT has been the topic of several recent research reports. Zacks Research downgraded RadNet from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 12th. Barclays upped their target price on shares of RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. The Goldman Sachs Group upgraded shares of RadNet to a “buy” rating in a report on Tuesday, December 16th. KeyCorp raised shares of RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Finally, B. Riley raised their target price on shares of RadNet from $71.00 to $87.00 and gave the stock a “buy” rating in a research report on Monday, December 1st. Two investment analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $90.33.

Insider Buying and Selling at RadNet

In related news, CAO Mital Patel sold 25,000 shares of the stock in a transaction on Monday, November 17th. The stock was sold at an average price of $76.06, for a total value of $1,901,500.00. Following the transaction, the chief accounting officer directly owned 205,138 shares of the company’s stock, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 50,000 shares of company stock valued at $3,902,254. Company insiders own 5.60% of the company’s stock.

RadNet Price Performance

RDNT opened at $70.87 on Tuesday. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $85.84. The company’s 50 day simple moving average is $74.82 and its 200 day simple moving average is $72.77. The stock has a market capitalization of $5.47 billion, a PE ratio of -416.86 and a beta of 1.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.87 and a current ratio of 1.87.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The company had revenue of $522.87 million for the quarter, compared to analysts’ expectations of $494.19 million. RadNet had a positive return on equity of 2.52% and a negative net margin of 0.65%.The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.18 EPS. As a group, sell-side analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

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.