Legal & General Group Plc Invests $9.79 Million in RadNet, Inc. $RDNT

Legal & General Group Plc purchased a new stake in RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, HoldingsChannel reports. The fund purchased 158,695 shares of the medical research company’s stock, valued at approximately $9,787,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in RadNet during the 2nd quarter valued at $675,768,000. JB Capital Partners LP bought a new position in shares of RadNet in the second quarter worth $87,821,842. RTW Investments LP boosted its holdings in shares of RadNet by 39.9% in the fourth quarter. RTW Investments LP now owns 3,938,500 shares of the medical research company’s stock worth $281,012,000 after acquiring an additional 1,122,956 shares during the period. Polar Capital Holdings Plc bought a new position in shares of RadNet in the third quarter worth $63,423,000. Finally, Price T Rowe Associates Inc. MD grew its position in shares of RadNet by 30.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,699,082 shares of the medical research company’s stock valued at $192,581,000 after purchasing an additional 627,936 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

RadNet Trading Up 1.6%

Shares of RDNT stock opened at $75.82 on Tuesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 1.48 and a current ratio of 1.48. RadNet, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84. The company has a market capitalization of $5.97 billion, a PE ratio of -280.80 and a beta of 1.36. The business’s fifty day moving average is $67.71 and its 200 day moving average is $62.28.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $610.87 million. During the same period in the previous year, the business earned $0.31 earnings per share. The firm’s revenue was up 25.0% on a year-over-year basis. On average, equities research analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on RDNT shares. Barclays boosted their price objective on RadNet from $65.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday. Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a report on Friday, July 31st. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Thursday, August 13th. Truist Financial increased their price target on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Tuesday, August 11th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, RadNet currently has a consensus rating of “Moderate Buy” and a consensus price target 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.