EFG Asset Management North America Corp. Purchases New Stake in RadNet, Inc. $RDNT

EFG Asset Management North America Corp. purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the third quarter, HoldingsChannel reports. The institutional investor purchased 17,057 shares of the medical research company’s stock, valued at approximately $1,300,000.

Several other large investors also recently made changes to their positions in the business. Zions Bancorporation National Association UT raised its stake in shares of RadNet by 0.6% in the 2nd quarter. Zions Bancorporation National Association UT now owns 35,081 shares of the medical research company’s stock valued at $1,996,000 after acquiring an additional 204 shares during the period. Amalgamated Bank boosted its position in shares of RadNet by 1.2% in the second 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 during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of RadNet by 4.4% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,286 shares of the medical research company’s stock valued at $479,000 after buying an additional 265 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 acquiring an additional 269 shares in the last quarter. Finally, AQR Capital Management LLC lifted its position in 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 acquiring an additional 350 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group upgraded shares of RadNet to a “buy” rating in a research note on Tuesday, December 16th. Truist Financial set a $90.00 price objective on shares of RadNet in a report on Wednesday, December 17th. B. Riley raised their target price on RadNet from $71.00 to $87.00 and gave the company a “buy” rating in a research note on Monday, December 1st. Zacks Research cut RadNet from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, Barclays increased their price target on RadNet from $79.00 to $86.00 and gave the company an “overweight” rating in a report on Thursday, November 13th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, RadNet presently has a consensus rating of “Moderate Buy” and a consensus price target of $90.33.

Insiders Place Their Bets

In other RadNet news, CAO Mital Patel sold 15,080 shares of the stock in a transaction on Wednesday, November 19th. The shares were sold at an average price of $80.05, for a total transaction of $1,207,154.00. Following the sale, the chief accounting officer directly owned 180,138 shares of the company’s stock, valued at approximately $14,420,046.90. This represents a 7.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 50,000 shares of company stock worth $3,902,254 in the last three months. 5.60% of the stock is owned by insiders.

RadNet Stock Down 2.2%

Shares of RadNet stock opened at $72.50 on Wednesday. The company has a quick ratio of 1.87, a current ratio of 1.87 and a debt-to-equity ratio of 0.82. The firm has a market cap of $5.59 billion, a P/E ratio of -426.45 and a beta of 1.51. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $85.84. The business has a 50-day moving average price of $75.70 and a 200 day moving average price of $72.38.

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

About RadNet

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.