Whittier Trust Co. Increases Stock Holdings in RadNet, Inc. $RDNT

Whittier Trust Co. boosted its position in RadNet, Inc. (NASDAQ:RDNT) by 1.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 214,945 shares of the medical research company’s stock after purchasing an additional 3,862 shares during the period. Whittier Trust Co.’s holdings in RadNet were worth $12,230,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Beck Mack & Oliver LLC boosted its position in RadNet by 6.9% in the first quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock worth $163,104,000 after purchasing an additional 211,570 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in RadNet by 6.6% in the second quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock worth $100,203,000 after purchasing an additional 112,284 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in RadNet by 81.4% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock worth $82,417,000 after purchasing an additional 743,922 shares during the last quarter. American Century Companies Inc. boosted its position in RadNet by 507.9% in the first quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock worth $63,290,000 after purchasing an additional 1,063,516 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its position in shares of RadNet by 141.7% during the 1st quarter. Alyeska Investment Group L.P. now owns 1,214,882 shares of the medical research company’s stock valued at $60,404,000 after buying an additional 712,270 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

RadNet Stock Up 2.2%

Shares of RDNT opened at $80.16 on Wednesday. The business’s 50 day moving average is $73.50 and its 200 day moving average is $61.79. The company has a market capitalization of $6.17 billion, a PE ratio of -400.78 and a beta of 1.59. RadNet, Inc. has a 12-month low of $45.00 and a 12-month high of $93.65. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91.

RadNet (NASDAQ:RDNT) last issued its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $0.16 EPS. Research analysts expect that RadNet, Inc. will post 0.56 earnings per share for the current fiscal year.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $68.31, for a total transaction of $1,161,270.00. Following the sale, the executive vice president owned 86,774 shares of the company’s stock, valued at approximately $5,927,531.94. This trade represents a 16.38% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Norman R. Hames sold 10,000 shares of RadNet stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $72.74, for a total value of $727,400.00. Following the sale, the chief operating officer directly owned 239,183 shares in the company, valued at $17,398,171.42. This trade represents a 4.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 135,098 shares of company stock worth $9,430,715 in the last three months. Corporate insiders own 5.60% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Zacks Research raised RadNet from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 14th. Morgan Stanley raised RadNet to an “overweight” rating in a research report on Monday, August 11th. Wall Street Zen raised RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of RadNet in a research report on Wednesday, October 8th. Finally, Truist Financial lifted their price objective on RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $76.80.

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.