Penserra Capital Management LLC Raises Stake in RadNet, Inc. $RDNT

Penserra Capital Management LLC lifted its position in RadNet, Inc. (NASDAQ:RDNT) by 64.7% in the second quarter, HoldingsChannel.com reports. The firm owned 334,180 shares of the medical research company’s stock after purchasing an additional 131,279 shares during the quarter. Penserra Capital Management LLC’s holdings in RadNet were worth $19,018,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RDNT. Beck Mack & Oliver LLC increased its stake in RadNet by 6.9% in the 1st quarter. Beck Mack & Oliver LLC now owns 3,280,449 shares of the medical research company’s stock worth $163,104,000 after buying an additional 211,570 shares in the last quarter. Allspring Global Investments Holdings LLC grew 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 in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in 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 purchasing an additional 743,922 shares during the period. American Century Companies Inc. lifted its holdings 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 worth $63,290,000 after purchasing an additional 1,063,516 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted 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.

RadNet Trading Down 0.8%

Shares of RDNT opened at $78.31 on Friday. The company’s fifty day simple moving average is $76.08 and its 200-day simple moving average is $64.46. The company has a market cap of $6.02 billion, a P/E ratio of -391.53 and a beta of 1.58. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.91. RadNet, Inc. has a twelve month low of $45.00 and a twelve month high of $93.65.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results 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. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.The firm had revenue of $498.23 million for the quarter, compared to the consensus estimate of $488.06 million. During the same period in the prior year, the business posted $0.16 earnings per share. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. As a group, analysts expect that RadNet, Inc. will post 0.56 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RDNT shares. Barclays increased their price objective on shares of RadNet from $60.00 to $79.00 and gave the company an “overweight” rating in a report on Wednesday, September 3rd. Truist Financial raised their target price on shares of RadNet from $74.00 to $81.00 and gave the company a “buy” rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded shares of RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Raymond James Financial reissued a “strong-buy” rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of RadNet in a research report on Wednesday, October 8th. Three research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, RadNet currently has an average rating of “Buy” and an average price target of $76.80.

Insider Activity at RadNet

In related news, EVP David Jeffrey Katz sold 17,000 shares of RadNet stock in a transaction dated 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 $5,927,531.94. The trade was a 16.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Mark Stolper sold 35,000 shares of the business’s stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $73.89, for a total transaction of $2,586,150.00. Following the completion of the sale, the executive vice president owned 68,012 shares of the company’s stock, valued at approximately $5,025,406.68. This represents a 33.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 135,098 shares of company stock worth $9,430,715 over the last ninety days. 5.60% of the stock is currently owned by company insiders.

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.