Allspring Global Investments Holdings LLC Has $74.38 Million Stock Position in RadNet, Inc. $RDNT

Allspring Global Investments Holdings LLC decreased its position in shares of RadNet, Inc. (NASDAQ:RDNT) by 39.9% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,048,327 shares of the medical research company’s stock after selling 694,773 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in RadNet were worth $74,379,000 as of its most recent SEC filing.

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

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $55.89 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.76 and a debt-to-equity ratio of 0.79. The stock has a market cap of $4.34 billion, a PE ratio of -223.56 and a beta of 1.49. The stock’s fifty day simple moving average is $66.80 and its two-hundred day simple moving average is $73.11. RadNet, Inc. has a 1-year low of $45.00 and a 1-year high of $85.84.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, March 2nd. The medical research company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.04. RadNet had a negative net margin of 0.91% and a positive return on equity of 2.52%. The firm had revenue of $547.71 million during the quarter, compared to analyst estimates of $515.67 million. During the same quarter in the prior year, the business posted $0.22 EPS. The business’s revenue was up 14.8% compared to the same quarter last year. As a group, analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RDNT. Jefferies Financial Group reaffirmed a “buy” rating and issued a $91.00 target price on shares of RadNet in a research report on Tuesday, March 3rd. Weiss Ratings reiterated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Truist Financial set a $90.00 price objective on RadNet in a research note on Wednesday, December 17th. UBS Group set a $92.00 price objective on RadNet in a report on Friday, January 9th. Finally, The Goldman Sachs Group upgraded shares of RadNet to a “buy” rating in a report on Tuesday, December 16th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, RadNet has a consensus rating of “Moderate Buy” and a consensus target price of $90.43.

Insiders Place Their Bets

In other RadNet news, insider Alma Gregory Sorensen sold 15,000 shares of the business’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. The trade was a 1.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 5.60% of the company’s stock.

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.