Allspring Global Investments Holdings LLC Has $135.94 Million Stock Position in RadNet, Inc. $RDNT

Allspring Global Investments Holdings LLC reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,743,100 shares of the medical research company’s stock after selling 58,459 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RadNet were worth $135,944,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in RDNT. Zions Bancorporation National Association UT boosted its holdings in RadNet by 0.6% during the second quarter. Zions Bancorporation National Association UT now owns 35,081 shares of the medical research company’s stock worth $1,996,000 after purchasing an additional 204 shares during the last quarter. Amalgamated Bank lifted its position in RadNet by 1.2% during the 2nd quarter. Amalgamated Bank now owns 18,820 shares of the medical research company’s stock worth $1,071,000 after buying an additional 224 shares in the last quarter. GAMMA Investing LLC lifted its position in RadNet by 11.6% during the 3rd quarter. GAMMA Investing LLC now owns 2,596 shares of the medical research company’s stock worth $198,000 after buying an additional 269 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of RadNet by 5.4% during the 1st quarter. AQR Capital Management LLC now owns 6,846 shares of the medical research company’s stock worth $340,000 after buying an additional 350 shares during the last quarter. Finally, Scotia Capital Inc. grew its holdings in shares of RadNet by 1.0% in the 2nd quarter. Scotia Capital Inc. now owns 35,983 shares of the medical research company’s stock valued at $2,048,000 after acquiring an additional 351 shares in the last quarter. Institutional investors own 77.90% of the company’s stock.

RadNet Stock Performance

NASDAQ RDNT opened at $71.49 on Wednesday. The stock has a market cap of $5.52 billion, a PE ratio of -420.50 and a beta of 1.49. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.87 and a current ratio of 1.87. The firm has a 50-day moving average of $77.62 and a 200-day moving average of $69.94. RadNet, Inc. has a 52-week low of $45.00 and a 52-week high of $85.84.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, November 10th. The medical research company reported $0.20 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.03). The company had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company posted $0.18 EPS. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

Insider Activity at RadNet

In other news, CAO Mital Patel sold 25,000 shares of the stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $76.06, for a total transaction of $1,901,500.00. Following the transaction, the chief accounting officer owned 205,138 shares in the company, valued at approximately $15,602,796.28. This trade represents a 10.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 50,000 shares of company stock valued at $3,902,254 over the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms recently issued reports on RDNT. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday. Raymond James Financial reiterated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. B. Riley increased their price objective on RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a report on Monday, December 1st. Truist Financial set a $90.00 target price on shares of RadNet in a research note on Wednesday, December 17th. Finally, The Goldman Sachs Group raised shares of RadNet to a “buy” rating in a research report on Tuesday, December 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $87.60.

RadNet Company 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.