RadNet, Inc. $RDNT Shares Acquired by Portland Investment Counsel Inc.

Portland Investment Counsel Inc. raised its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 8.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 40,000 shares of the medical research company’s stock after acquiring an additional 3,000 shares during the period. RadNet makes up 0.6% of Portland Investment Counsel Inc.’s holdings, making the stock its 16th biggest holding. Portland Investment Counsel Inc. owned approximately 0.05% of RadNet worth $1,989,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in RDNT. Rhumbline Advisers lifted its stake in RadNet by 1.1% in the first quarter. Rhumbline Advisers now owns 175,776 shares of the medical research company’s stock worth $8,740,000 after acquiring an additional 1,895 shares during the last quarter. GAMMA Investing LLC raised its holdings in RadNet by 22.3% during the first quarter. GAMMA Investing LLC now owns 1,644 shares of the medical research company’s stock worth $82,000 after purchasing an additional 300 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in RadNet by 28.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,945 shares of the medical research company’s stock worth $345,000 after purchasing an additional 1,545 shares in the last quarter. Envestnet Asset Management Inc. raised its holdings in RadNet by 50.3% during the first quarter. Envestnet Asset Management Inc. now owns 137,870 shares of the medical research company’s stock worth $6,855,000 after purchasing an additional 46,169 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in RadNet by 239.5% during the first quarter. SG Americas Securities LLC now owns 13,337 shares of the medical research company’s stock worth $663,000 after purchasing an additional 9,409 shares in the last quarter. 77.90% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other RadNet news, insider Ranjan Jayanathan sold 65,598 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $67.50, for a total transaction of $4,427,865.00. Following the completion of the sale, the insider directly owned 138,198 shares in the company, valued at approximately $9,328,365. This trade represents a 32.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Cornelis Wesdorp sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $66.98, for a total value of $100,470.00. Following the sale, the chief executive officer owned 54,495 shares of the company’s stock, valued at $3,650,075.10. The trade was a 2.68% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,098 shares of company stock valued at $5,689,605. 5.60% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. B. Riley assumed coverage on shares of RadNet in a report on Friday, June 13th. They set a “buy” rating and a $69.00 price objective on the stock. Raymond James Financial reissued a “strong-buy” rating and set a $75.00 price objective (up previously from $66.00) on shares of RadNet in a report on Wednesday, August 13th. Wall Street Zen raised shares of RadNet from a “sell” rating to a “hold” rating in a report on Saturday, August 16th. Truist Financial set a $74.00 target price on shares of RadNet in a report on Thursday, July 10th. Finally, Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, RadNet has a consensus rating of “Buy” and a consensus target price of $71.60.

RadNet Price Performance

Shares of RDNT opened at $68.61 on Friday. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of -343.03 and a beta of 1.43. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.00 and a current ratio of 2.00. RadNet, Inc. has a one year low of $45.00 and a one year high of $93.65. The stock’s fifty day moving average is $58.15 and its 200-day moving average is $55.99.

RadNet (NASDAQ:RDNT) last released its earnings results on Sunday, August 10th. The medical research company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.14. The firm had revenue of $498.23 million for the quarter, compared to analyst estimates of $488.06 million. RadNet had a positive return on equity of 2.41% and a negative net margin of 0.78%.RadNet’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 earnings per share. Equities analysts anticipate that RadNet, Inc. will post 0.56 EPS for the current year.

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.