MQS Management LLC Purchases Shares of 4,257 RadNet, Inc. (NASDAQ:RDNT)

MQS Management LLC purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 4,257 shares of the medical research company’s stock, valued at approximately $207,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Cerity Partners LLC bought a new stake in RadNet during the fourth quarter worth $5,871,000. Vanguard Group Inc. grew its holdings in RadNet by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock worth $147,937,000 after buying an additional 32,483 shares in the last quarter. RTW Investments LP bought a new stake in RadNet during the fourth quarter worth $23,073,000. Russell Investments Group Ltd. grew its holdings in RadNet by 103.4% during the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company’s stock worth $12,160,000 after buying an additional 127,039 shares in the last quarter. Finally, Sei Investments Co. grew its holdings in RadNet by 18.8% during the first quarter. Sei Investments Co. now owns 65,899 shares of the medical research company’s stock worth $3,207,000 after buying an additional 10,430 shares in the last quarter. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Price Performance

NASDAQ RDNT traded down $1.66 during trading on Thursday, reaching $61.97. The company’s stock had a trading volume of 556,074 shares, compared to its average volume of 544,639. The stock has a market capitalization of $4.58 billion, a PE ratio of 206.57 and a beta of 1.75. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.86 and a quick ratio of 1.86. The firm has a fifty day moving average of $59.67 and a 200 day moving average of $49.56. RadNet, Inc. has a one year low of $25.11 and a one year high of $66.04.

RadNet (NASDAQ:RDNT) last announced its earnings results on Wednesday, May 8th. The medical research company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.16. The business had revenue of $431.70 million for the quarter, compared to analyst estimates of $421.72 million. RadNet had a return on equity of 5.05% and a net margin of 1.28%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.08) EPS. Analysts expect that RadNet, Inc. will post 0.58 EPS for the current fiscal year.

Insider Activity

In other news, CFO Mark Stolper sold 25,000 shares of the stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $61.27, for a total transaction of $1,531,750.00. Following the transaction, the chief financial officer now directly owns 80,398 shares in the company, valued at approximately $4,925,985.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP David Jeffrey Katz sold 16,400 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $61.26, for a total transaction of $1,004,664.00. Following the transaction, the executive vice president now directly owns 65,441 shares in the company, valued at approximately $4,008,915.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Mark Stolper sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $61.27, for a total value of $1,531,750.00. Following the transaction, the chief financial officer now owns 80,398 shares in the company, valued at $4,925,985.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,730 shares of company stock worth $6,121,516. 5.12% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

RDNT has been the topic of several research analyst reports. Truist Financial boosted their price objective on RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Jefferies Financial Group boosted their price objective on RadNet from $61.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, July 11th. Raymond James boosted their price objective on RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a research report on Friday, May 10th. StockNews.com cut RadNet from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Finally, Barclays boosted their price objective on RadNet from $48.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, July 10th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $64.00.

About RadNet

RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. The company operates in two segments: Imaging Centers and Artificial Intelligence. Its services include magnetic resonance imaging, computed tomography, positron emission tomography, nuclear medicine, mammography, ultrasound, diagnostic radiology, fluoroscopy, and other related procedures, as well as multi-modality imaging services.