BNP Paribas Financial Markets Boosts Stake in RadNet, Inc. $RDNT

BNP Paribas Financial Markets boosted its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 668.4% in the fourth quarter, Holdings Channel reports. The fund owned 116,506 shares of the medical research company’s stock after purchasing an additional 101,343 shares during the quarter. BNP Paribas Financial Markets’ holdings in RadNet were worth $8,313,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently bought and sold shares of RDNT. Geneos Wealth Management Inc. purchased a new stake in RadNet during the fourth quarter valued at $25,000. Allworth Financial LP increased its position in RadNet by 346.6% during the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares during the last quarter. Danske Bank A S purchased a new stake in RadNet during the third quarter valued at $30,000. Jones Financial Companies Lllp increased its position in RadNet by 62.2% during the third quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock valued at $34,000 after acquiring an additional 171 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in RadNet during the fourth quarter valued at $36,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

RadNet Stock Up 3.7%

NASDAQ RDNT opened at $56.18 on Wednesday. The stock’s 50-day moving average price is $55.72 and its 200-day moving average price is $65.88. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84. The company has a market capitalization of $4.42 billion, a P/E ratio of -312.09 and a beta of 1.41.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The company had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. During the same period last year, the business earned ($0.50) EPS. The firm’s quarterly revenue was up 22.1% compared to the same quarter last year. On average, equities research analysts predict that RadNet, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at RadNet

In other news, insider Alma Gregory Sorensen sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider owned 1,208,923 shares of the company’s stock, valued at $75,134,564.45. This trade represents a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.60% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on RDNT shares. Barclays reduced their target price on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $91.00 price objective on shares of RadNet in a research note on Tuesday, March 3rd. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $87.43.

RadNet Company 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.