Oak Ridge Investments LLC Has $1.94 Million Stake in RadNet, Inc. $RDNT

Oak Ridge Investments LLC trimmed its holdings in RadNet, Inc. (NASDAQ:RDNT) by 3.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,076 shares of the medical research company’s stock after selling 1,388 shares during the period. Oak Ridge Investments LLC’s holdings in RadNet were worth $1,939,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Maryland State Retirement & Pension System raised its position in shares of RadNet by 2.2% in the second quarter. Maryland State Retirement & Pension System now owns 19,404 shares of the medical research company’s stock valued at $1,104,000 after buying an additional 423 shares in the last quarter. KLP Kapitalforvaltning AS raised its position in RadNet by 9.1% during the second quarter. KLP Kapitalforvaltning AS now owns 13,200 shares of the medical research company’s stock valued at $751,000 after purchasing an additional 1,100 shares in the last quarter. Truist Financial Corp acquired a new position in RadNet during the second quarter valued at approximately $396,000. Wolff Wiese Magana LLC raised its position in RadNet by 11,576.0% during the second quarter. Wolff Wiese Magana LLC now owns 2,919 shares of the medical research company’s stock valued at $166,000 after purchasing an additional 2,894 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in RadNet by 8.8% during the second quarter. State of Alaska Department of Revenue now owns 39,288 shares of the medical research company’s stock valued at $2,235,000 after purchasing an additional 3,192 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Performance

NASDAQ RDNT opened at $70.60 on Friday. The firm’s fifty day moving average price is $70.71 and its two-hundred day moving average price is $60.51. The stock has a market cap of $5.43 billion, a PE ratio of -352.98 and a beta of 1.59. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two 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.

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

Insider Buying and Selling

In related news, insider Ranjan Jayanathan sold 65,598 shares of the business’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 sale, the insider owned 138,198 shares of the company’s stock, valued at $9,328,365. The trade was a 32.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP David Jeffrey Katz sold 17,000 shares of the business’s stock in a transaction 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 completion of the sale, the executive vice president directly owned 86,774 shares in the company, valued at approximately $5,927,531.94. This represents a 16.38% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 135,098 shares of company stock valued at $9,430,715 over the last quarter. 5.60% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

RDNT has been the subject of several research analyst reports. Truist Financial boosted their price objective on shares of RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Barclays boosted their price objective on shares of RadNet from $60.00 to $79.00 and gave the company an “overweight” rating in a research report on Wednesday, September 3rd. Zacks Research upgraded shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Monday, August 18th. Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a research report on Wednesday. Finally, Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $76.80.

RadNet Company 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.