Allspring Global Investments Holdings LLC Has $59.63 Million Stake in RadNet, Inc. (NASDAQ:RDNT)

Allspring Global Investments Holdings LLC lifted its stake in RadNet, Inc. (NASDAQ:RDNT) by 103.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,011,974 shares of the medical research company’s stock after purchasing an additional 515,342 shares during the period. Allspring Global Investments Holdings LLC owned 1.37% of RadNet worth $59,626,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RDNT. RTW Investments LP acquired a new stake in shares of RadNet in the 4th quarter valued at $23,073,000. Clearbridge Investments LLC bought a new stake in RadNet during the 1st quarter worth about $26,617,000. 8 Knots Management LLC acquired a new position in RadNet during the 1st quarter valued at about $20,273,000. Vanguard Group Inc. boosted its stake in shares of RadNet by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock valued at $223,862,000 after purchasing an additional 345,822 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of RadNet by 193.7% during the 4th quarter. Victory Capital Management Inc. now owns 256,039 shares of the medical research company’s stock worth $8,902,000 after buying an additional 168,857 shares during the period. Institutional investors own 77.90% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on RDNT shares. StockNews.com lowered shares of RadNet from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Barclays raised their price target on RadNet from $51.00 to $57.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 8th. Jefferies Financial Group upped their price objective on RadNet from $61.00 to $75.00 and gave the company a “buy” rating in a report on Thursday, July 11th. Raymond James raised their target price on RadNet from $50.00 to $60.00 and gave the stock an “outperform” rating in a report on Friday, May 10th. Finally, Truist Financial upped their price target on RadNet from $63.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, RadNet presently has a consensus rating of “Hold” and an average price target of $65.50.

Insider Activity

In related news, EVP Michael N. Murdock sold 15,000 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $62.78, for a total value of $941,700.00. Following the sale, the executive vice president now directly owns 48,144 shares of the company’s stock, valued at approximately $3,022,480.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares in the company, valued at $3,022,480.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine Nayoma Gordon sold 1,500 shares of RadNet stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $61.03, for a total value of $91,545.00. Following the completion of the sale, the director now directly owns 10,879 shares in the company, valued at approximately $663,945.37. The disclosure for this sale can be found here. Insiders sold 114,730 shares of company stock worth $7,063,216 over the last quarter. 5.12% of the stock is currently owned by company insiders.

RadNet Stock Performance

RDNT stock opened at $64.31 on Wednesday. RadNet, Inc. has a 1-year low of $25.11 and a 1-year high of $66.04. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 0.76. The firm has a market cap of $4.75 billion, a PE ratio of 214.37 and a beta of 1.75. The business’s 50-day moving average price is $60.73 and its two-hundred day moving average price is $53.70.

RadNet (NASDAQ:RDNT) last released its quarterly earnings results on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). RadNet had a return on equity of 5.05% and a net margin of 1.28%. The business had revenue of $459.70 million for the quarter, compared to analyst estimates of $438.53 million. During the same period in the prior year, the business earned $0.24 EPS. The company’s revenue for the quarter was up 13.9% compared to the same quarter last year. As a group, research analysts forecast that RadNet, Inc. will post 0.58 earnings per share for the current year.

RadNet Company Profile

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.