807,289 Shares in RadNet, Inc. (NASDAQ:RDNT) Purchased by Norges Bank

Norges Bank acquired a new stake in RadNet, Inc. (NASDAQ:RDNT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 807,289 shares of the medical research company’s stock, valued at approximately $56,381,000.

A number of other hedge funds have also made changes to their positions in RDNT. The Manufacturers Life Insurance Company increased its position in shares of RadNet by 3.5% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 38,796 shares of the medical research company’s stock valued at $2,692,000 after purchasing an additional 1,323 shares during the period. D.A. Davidson & CO. acquired a new position in shares of RadNet in the 3rd quarter worth approximately $208,000. FMR LLC raised its holdings in shares of RadNet by 0.3% in the 3rd quarter. FMR LLC now owns 701,396 shares of the medical research company’s stock worth $48,670,000 after purchasing an additional 2,242 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in RadNet by 128.2% during the third quarter. BNP Paribas Financial Markets now owns 15,447 shares of the medical research company’s stock valued at $1,072,000 after purchasing an additional 8,677 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of RadNet by 33.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,244 shares of the medical research company’s stock valued at $1,197,000 after acquiring an additional 4,332 shares during the last quarter. Institutional investors and hedge funds own 77.90% of the company’s stock.

RadNet Trading Down 5.7 %

NASDAQ RDNT opened at $49.51 on Friday. The company has a market capitalization of $3.67 billion, a PE ratio of -707.18 and a beta of 1.85. RadNet, Inc. has a 1-year low of $45.82 and a 1-year high of $93.65. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The firm’s fifty day simple moving average is $56.62 and its 200-day simple moving average is $66.67.

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

Wall Street Analysts Forecast Growth

RDNT has been the subject of several analyst reports. Truist Financial reaffirmed a “buy” rating and set a $88.00 target price (down from $94.00) on shares of RadNet in a report on Wednesday, January 22nd. Raymond James raised shares of RadNet from an “outperform” rating to a “strong-buy” rating and decreased their price objective for the stock from $85.00 to $65.00 in a research note on Wednesday, March 5th. StockNews.com raised shares of RadNet to a “sell” rating in a research note on Wednesday, March 19th. Barclays decreased their target price on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, March 24th. Finally, Jefferies Financial Group dropped their price target on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. 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, the company has a consensus rating of “Buy” and an average target price of $73.25.

Insider Transactions at RadNet

In other news, Director David L. Swartz sold 25,000 shares of RadNet stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.84, for a total value of $1,271,000.00. Following the transaction, the director now owns 174,067 shares of the company’s stock, 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 can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company’s stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $52.58, for a total transaction of $105,160.00. Following the sale, the chief executive officer now directly owns 58,995 shares of the company’s stock, valued at approximately $3,101,957.10. This represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 in the last 90 days. 5.12% of the stock is owned by insiders.

RadNet Company Profile

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.