T. Rowe Price Investment Management Inc. Boosts Stake in RadNet, Inc. (NASDAQ:RDNT)

T. Rowe Price Investment Management Inc. grew its stake in RadNet, Inc. (NASDAQ:RDNT) by 79.3% during the fourth quarter, HoldingsChannel reports. The fund owned 913,691 shares of the medical research company’s stock after acquiring an additional 404,241 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in RadNet were worth $63,813,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in RDNT. USA Financial Formulas purchased a new position in RadNet in the fourth quarter valued at about $30,000. Fifth Third Bancorp boosted its holdings in shares of RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after buying an additional 305 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock worth $96,000 after buying an additional 1,063 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in shares of RadNet by 42.2% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,422 shares of the medical research company’s stock worth $99,000 after acquiring an additional 422 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in RadNet during the fourth quarter valued at approximately $105,000. 77.90% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on RDNT. StockNews.com upgraded RadNet to a “sell” rating in a report on Wednesday, March 19th. Barclays decreased their price target on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Truist Financial dropped their price target on RadNet from $88.00 to $74.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Jefferies Financial Group decreased their price objective on shares of RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Finally, Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and dropped their target price for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $69.75.

Insider Buying and Selling

In other RadNet news, COO Norman R. Hames sold 5,000 shares of RadNet stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $50.22, for a total value of $251,100.00. Following the completion of the transaction, the chief operating officer now owns 251,959 shares of the company’s stock, valued at approximately $12,653,380.98. The trade was a 1.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. The trade was a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock valued at $1,926,730 over the last ninety days. Company insiders own 5.12% of the company’s stock.

RadNet Trading Down 0.4 %

Shares of NASDAQ:RDNT opened at $50.26 on Friday. The business has a 50-day moving average price of $51.71 and a 200-day moving average price of $64.43. The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -717.90 and a beta of 1.59. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $93.65. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings data on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.21 by $0.01. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. The business had revenue of $477.10 million during the quarter, compared to analysts’ expectations of $459.42 million. Equities analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

RadNet Profile

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.