Highland Capital Management LLC Makes New Investment in RadNet, Inc. (NASDAQ:RDNT)

Highland Capital Management LLC bought a new position in RadNet, Inc. (NASDAQ:RDNT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,105 shares of the medical research company’s stock, valued at approximately $215,000.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of RadNet by 8.1% during the first quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company’s stock valued at $223,862,000 after acquiring an additional 345,822 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of RadNet by 11.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 1,131,849 shares of the medical research company’s stock valued at $78,539,000 after acquiring an additional 119,875 shares in the last quarter. Hood River Capital Management LLC increased its holdings in shares of RadNet by 5.1% during the second quarter. Hood River Capital Management LLC now owns 1,125,712 shares of the medical research company’s stock valued at $66,327,000 after acquiring an additional 54,583 shares in the last quarter. Global Alpha Capital Management Ltd. increased its holdings in shares of RadNet by 16.2% during the first quarter. Global Alpha Capital Management Ltd. now owns 1,019,934 shares of the medical research company’s stock valued at $49,630,000 after acquiring an additional 141,830 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in RadNet by 33.9% in the second quarter. Clearbridge Investments LLC now owns 732,527 shares of the medical research company’s stock valued at $43,160,000 after buying an additional 185,523 shares during the last quarter. 77.90% of the stock is currently owned by institutional investors.

Insider Activity

In other news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the transaction, the executive vice president now owns 48,144 shares in the company, valued at $3,022,480.32. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 5.12% of the company’s stock.

Analyst Upgrades and Downgrades

RDNT has been the topic of a number of recent research reports. Barclays upgraded RadNet from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $57.00 to $79.00 in a research report on Friday, September 6th. Jefferies Financial Group upped their target price on RadNet from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, September 19th. Truist Financial upped their price objective on RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Finally, Sidoti upgraded RadNet to a “strong-buy” rating in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $74.75.

RadNet Trading Up 0.2 %

RadNet stock opened at $66.37 on Monday. The company has a current ratio of 2.12, a quick ratio of 2.12 and a debt-to-equity ratio of 0.92. RadNet, Inc. has a 12 month low of $25.11 and a 12 month high of $72.18. The stock’s 50 day simple moving average is $66.59 and its two-hundred day simple moving average is $60.49. The firm has a market cap of $4.90 billion, a PE ratio of 221.23 and a beta of 1.74.

RadNet (NASDAQ:RDNT) last announced its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.17 by ($0.01). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The business had revenue of $459.70 million for the quarter, compared to analysts’ expectations of $438.53 million. During the same quarter last year, the business earned $0.24 EPS. The company’s quarterly revenue was up 13.9% on a year-over-year basis. Analysts anticipate that RadNet, Inc. will post 0.6 earnings per share for the current 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.