The Manufacturers Life Insurance Company Purchases Shares of 39,091 RadNet, Inc. $RDNT

The Manufacturers Life Insurance Company purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 39,091 shares of the medical research company’s stock, valued at approximately $2,411,000.

Several other institutional investors have also recently made changes to their positions in the business. Allworth Financial LP boosted its holdings in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock worth $30,000 after buying an additional 305 shares during the last quarter. Danske Bank A S bought a new position in RadNet in the third quarter worth approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in RadNet in the fourth quarter worth approximately $36,000. Harbour Investments Inc. purchased a new position in shares of RadNet during the 4th quarter worth $42,000. Finally, State of Wyoming purchased a new position in shares of RadNet during the 2nd quarter worth $58,000. Institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 0.2%

Shares of RadNet stock opened at $75.70 on Thursday. RadNet, Inc. has a fifty-two week low of $50.82 and a fifty-two week high of $85.84. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. The company has a market capitalization of $5.96 billion, a P/E ratio of -280.36 and a beta of 1.40. The company has a fifty day moving average of $68.45 and a 200 day moving average of $62.40.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The business had revenue of $622.72 million for the quarter, compared to analysts’ expectations of $610.87 million. During the same period last year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was up 25.0% on a year-over-year basis. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.49 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David L. Swartz sold 2,699 shares of the business’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director directly owned 177,013 shares of the company’s stock, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 5.14% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDNT. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Barclays raised their target price on RadNet from $65.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, August 28th. Zacks Research upgraded RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a report on Friday, July 31st. Finally, Truist Financial upped their price target on RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Two equities research 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 issued a Sell rating to the company’s stock. According to MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $90.00.

About RadNet

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.