Summit Financial LLC Increases Position in RadNet, Inc. (NASDAQ:RDNT)

Summit Financial LLC lifted its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 2.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,111 shares of the medical research company’s stock after acquiring an additional 262 shares during the quarter. Summit Financial LLC’s holdings in RadNet were worth $776,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of RadNet by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 7,425,218 shares of the medical research company’s stock worth $518,577,000 after purchasing an additional 71,910 shares during the last quarter. State Street Corp lifted its position in shares of RadNet by 1.3% during the 3rd quarter. State Street Corp now owns 2,446,179 shares of the medical research company’s stock valued at $169,740,000 after buying an additional 30,244 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of RadNet by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 1,555,214 shares of the medical research company’s stock worth $107,936,000 after acquiring an additional 11,613 shares during the period. Principal Financial Group Inc. raised its stake in RadNet by 8.5% in the 3rd quarter. Principal Financial Group Inc. now owns 1,506,545 shares of the medical research company’s stock valued at $104,539,000 after acquiring an additional 118,501 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its holdings in RadNet by 30.4% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock valued at $103,532,000 after purchasing an additional 344,146 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RDNT shares. StockNews.com upgraded shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Barclays dropped their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, March 24th. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and reduced their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. Jefferies Financial Group dropped their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Finally, Truist Financial reiterated a “buy” rating and set a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, RadNet has a consensus rating of “Buy” and a consensus target price of $73.25.

Insider Activity

In other RadNet news, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the sale, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Cornelis Wesdorp sold 1,000 shares of RadNet stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares of the company’s stock, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

RadNet Price Performance

RadNet stock opened at $52.51 on Thursday. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of -750.04 and a beta of 1.85. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The business has a 50-day simple moving average of $56.93 and a 200 day simple moving average of $66.79. RadNet, Inc. has a 52 week low of $45.82 and a 52 week high of $93.65.

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

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.