Franklin Resources Inc. Buys 67,278 Shares of RadNet, Inc. (NASDAQ:RDNT)

Franklin Resources Inc. lifted its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 17.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 454,339 shares of the medical research company’s stock after purchasing an additional 67,278 shares during the quarter. Franklin Resources Inc.’s holdings in RadNet were worth $31,731,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. B. Metzler seel. Sohn & Co. AG bought a new position in RadNet in the fourth quarter worth approximately $1,623,000. Summit Financial LLC raised its position in shares of RadNet by 2.4% during the fourth quarter. Summit Financial LLC now owns 11,111 shares of the medical research company’s stock worth $776,000 after purchasing an additional 262 shares during the period. Axiom Investors LLC DE lifted its holdings in shares of RadNet by 46.2% in the 4th quarter. Axiom Investors LLC DE now owns 279,467 shares of the medical research company’s stock worth $19,518,000 after purchasing an additional 88,372 shares in the last quarter. Clearbridge Investments LLC grew its position in RadNet by 28.3% in the 4th quarter. Clearbridge Investments LLC now owns 942,082 shares of the medical research company’s stock valued at $65,795,000 after purchasing an additional 207,582 shares during the period. Finally, New Age Alpha Advisors LLC bought a new stake in RadNet during the 4th quarter valued at $260,000. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at RadNet

In other RadNet news, Director David L. Swartz sold 25,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the transaction, the director now owns 174,067 shares in the company, valued at $8,849,566.28. This trade represents a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $50.52, for a total transaction of $50,520.00. Following the completion of the sale, the chief executive officer now directly owns 55,995 shares in the company, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock worth $1,926,730 in the last quarter. Insiders own 5.12% of the company’s stock.

RadNet Stock Performance

Shares of RDNT opened at $48.70 on Friday. The stock has a 50 day moving average of $56.32 and a 200 day moving average of $66.55. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. RadNet, Inc. has a 12 month low of $45.82 and a 12 month high of $93.65. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -695.61 and a beta of 1.59.

RadNet (NASDAQ:RDNT) last released its earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analysts’ expectations 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 forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDNT. Truist Financial reaffirmed a “buy” rating and issued a $88.00 price objective (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Barclays cut their price target on RadNet from $74.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, March 24th. Jefferies Financial Group lowered their price objective on RadNet from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. StockNews.com raised RadNet to a “sell” rating in a research report on Wednesday, March 19th. Finally, Raymond James raised RadNet from an “outperform” rating to a “strong-buy” rating and lowered their price target for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $73.25.

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.