Excalibur Management Corp Invests $228,000 in RadNet, Inc. $RDNT

Excalibur Management Corp bought a new stake in RadNet, Inc. (NASDAQ:RDNT) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 4,000 shares of the medical research company’s stock, valued at approximately $228,000.

Other institutional investors have also added to or reduced their stakes in the company. Beck Mack & Oliver LLC boosted its holdings 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 acquiring an additional 211,570 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of RadNet by 6.6% during 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 period. T. Rowe Price Investment Management Inc. lifted its holdings in shares of RadNet by 81.4% in the 1st 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 in the last quarter. American Century Companies Inc. grew its position in RadNet by 507.9% in the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock valued at $63,290,000 after purchasing an additional 1,063,516 shares during the period. Finally, Alyeska Investment Group L.P. grew its position in RadNet by 141.7% in 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 purchasing an additional 712,270 shares during the period. 77.90% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

RDNT has been the topic of several research reports. Morgan Stanley upgraded shares of RadNet to an “overweight” rating in a report on Monday, August 11th. Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a report on Wednesday, October 8th. Wall Street Zen upgraded RadNet from a “sell” rating to a “hold” rating in a research note on Saturday, August 16th. Zacks Research raised RadNet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. Finally, Barclays increased their price objective on RadNet from $60.00 to $79.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 3rd. Three analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $76.80.

RadNet Trading Up 1.0%

Shares of RDNT stock opened at $78.91 on Friday. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. The company has a 50-day simple moving average of $75.95 and a two-hundred day simple moving average of $64.13. The company has a market capitalization of $6.07 billion, a price-to-earnings ratio of -394.53 and a beta of 1.58.

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

Insider Activity at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 500 shares of the business’s stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $72.13, for a total value of $36,065.00. Following the transaction, the chief executive officer owned 53,495 shares of the company’s stock, valued at approximately $3,858,594.35. The trade was a 0.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ranjan Jayanathan sold 65,598 shares of the company’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $67.50, for a total value of $4,427,865.00. Following the completion of the transaction, the insider owned 138,198 shares of the company’s stock, valued at $9,328,365. This trade represents a 32.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 135,098 shares of company stock valued at $9,430,715 in the last ninety days. Insiders own 5.60% of the company’s stock.

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.