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

Excalibur Management Corp purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 4,000 shares of the medical research company’s stock, valued at approximately $228,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. 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 valued at $163,104,000 after buying an additional 211,570 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of RadNet by 6.6% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,801,559 shares of the medical research company’s stock valued at $100,203,000 after acquiring an additional 112,284 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of RadNet by 81.4% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 1,657,613 shares of the medical research company’s stock valued at $82,417,000 after acquiring an additional 743,922 shares in the last quarter. American Century Companies Inc. grew its position in RadNet by 507.9% during the 1st quarter. American Century Companies Inc. now owns 1,272,928 shares of the medical research company’s stock worth $63,290,000 after acquiring an additional 1,063,516 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings 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 worth $60,404,000 after purchasing an additional 712,270 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

RadNet Stock Up 1.0%

RadNet stock opened at $78.91 on Friday. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of -394.53 and a beta of 1.58. 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 firm has a 50 day moving average price of $75.95 and a two-hundred day moving average price of $64.13.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings data on Sunday, August 10th. The medical research company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.17 by $0.14. The company had revenue of $498.23 million during 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%. RadNet’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 earnings per share. Equities analysts predict that RadNet, Inc. will post 0.56 EPS for the current year.

Insider Transactions at RadNet

In other RadNet 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 value 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. The trade was a 16.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Norman R. Hames sold 10,000 shares of the business’s 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 completion of the transaction, the chief operating officer directly owned 239,183 shares in the company, valued at approximately $17,398,171.42. This trade represents a 4.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 135,098 shares of company stock worth $9,430,715. Corporate insiders own 5.60% of the company’s stock.

Wall Street Analyst Weigh In

RDNT has been the topic of a number of recent research reports. Barclays lifted their price target on RadNet from $60.00 to $79.00 and gave the company an “overweight” rating in a research note on Wednesday, September 3rd. Zacks Research raised shares of RadNet from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 14th. Truist Financial upped their price target 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. Weiss Ratings reaffirmed a “sell (d)” rating on shares of RadNet in a research note on Wednesday, October 8th. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $75.00 price objective (up previously from $66.00) on shares of RadNet in a research note on Wednesday, August 13th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price 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.