Clearbridge Investments LLC Acquires 207,582 Shares of RadNet, Inc. (NASDAQ:RDNT)

Clearbridge Investments LLC boosted its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 28.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 942,082 shares of the medical research company’s stock after acquiring an additional 207,582 shares during the quarter. Clearbridge Investments LLC owned approximately 1.27% of RadNet worth $65,795,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDNT. The Manufacturers Life Insurance Company grew its stake in shares of RadNet by 3.5% during the third quarter. The Manufacturers Life Insurance Company now owns 38,796 shares of the medical research company’s stock valued at $2,692,000 after purchasing an additional 1,323 shares during the last quarter. D.A. Davidson & CO. bought a new position in RadNet in the 3rd quarter valued at $208,000. FMR LLC boosted its position in RadNet by 0.3% in the 3rd quarter. FMR LLC now owns 701,396 shares of the medical research company’s stock valued at $48,670,000 after buying an additional 2,242 shares during the last quarter. BNP Paribas Financial Markets increased its stake in shares of RadNet by 128.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,447 shares of the medical research company’s stock valued at $1,072,000 after buying an additional 8,677 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of RadNet by 33.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,244 shares of the medical research company’s stock worth $1,197,000 after acquiring an additional 4,332 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Upgrades and Downgrades

RDNT has been the topic of several recent research reports. Jefferies Financial Group decreased their price target on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. StockNews.com upgraded shares of RadNet to a “sell” rating in a research report on Wednesday, March 19th. Raymond James upgraded shares of RadNet from an “outperform” rating to a “strong-buy” rating and cut their price objective for the company from $85.00 to $65.00 in a report on Wednesday, March 5th. Barclays lowered their target price on shares of RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a report on Monday, March 24th. Finally, Truist Financial reissued a “buy” rating and issued a $88.00 price target (down previously from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, three have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $73.25.

RadNet Stock Up 0.6 %

Shares of NASDAQ:RDNT opened at $49.72 on Tuesday. The company has a 50 day moving average price of $57.35 and a two-hundred day moving average price of $67.01. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. The company has a market capitalization of $3.68 billion, a PE ratio of -710.18 and a beta of 1.85. RadNet, Inc. has a 52 week low of $45.82 and a 52 week high of $93.65.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.01. The company had revenue of $477.10 million during the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This represents a 1.75 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 over the last ninety days. 5.12% of the stock is currently owned by corporate insiders.

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.