Deutsche Bank AG Purchases New Stake in RadNet, Inc. $RDNT

Deutsche Bank AG bought a new stake in RadNet, Inc. (NASDAQ:RDNT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 495,962 shares of the medical research company’s stock, valued at approximately $30,586,000. Deutsche Bank AG owned about 0.63% of RadNet as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of RDNT. AQR Capital Management LLC lifted its stake in RadNet by 5.4% in the first quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock valued at $340,000 after purchasing an additional 350 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of RadNet by 4.5% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 39,341 shares of the medical research company’s stock valued at $1,956,000 after buying an additional 1,699 shares during the period. Jones Financial Companies Lllp raised its stake in shares of RadNet by 563.4% in the first quarter. Jones Financial Companies Lllp now owns 1,705 shares of the medical research company’s stock valued at $85,000 after buying an additional 1,448 shares during the period. United Services Automobile Association purchased a new position in shares of RadNet during the 1st quarter valued at $216,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of RadNet by 2.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 440,543 shares of the medical research company’s stock valued at $21,904,000 after buying an additional 8,762 shares during the last quarter. 77.90% of the stock is owned by institutional investors.

RadNet Price Performance

Shares of NASDAQ RDNT opened at $76.82 on Friday. The stock’s 50-day simple moving average is $65.23 and its two-hundred day simple moving average is $62.04. RadNet, Inc. has a twelve month low of $50.82 and a twelve month high of $85.84. The firm has a market capitalization of $6.05 billion, a P/E ratio of -284.51 and a beta of 1.36. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.09. The firm had revenue of $622.72 million during the quarter, compared to the consensus estimate of $610.87 million. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same quarter last year, the company posted $0.31 EPS. As a group, equities analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Wall Street Analyst Weigh In

RDNT has been the subject of several recent research reports. Barclays decreased their price objective on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. 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 target price on shares of RadNet from $90.00 to $94.00 and gave the stock a “buy” rating in a research report on Tuesday, August 11th. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Finally, Jefferies Financial Group reissued a “buy” rating on shares of RadNet in a research report on Friday, July 31st. 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 assigned a Sell rating to the stock. According to MarketBeat, RadNet has a consensus rating of “Moderate Buy” and an average target price of $88.00.

Insider Buying and Selling

In other news, CEO Cornelis Wesdorp sold 4,750 shares of the firm’s stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the sale, the chief executive officer owned 69,075 shares in the company, valued at approximately $4,013,948.25. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the sale, the director owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 5.14% of the stock is owned by insiders.

RadNet Profile

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.