7,113 Shares in RadNet, Inc. $RDNT Purchased by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC acquired a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 7,113 shares of the medical research company’s stock, valued at approximately $439,000.

Several other large investors also recently added to or reduced their stakes in RDNT. Geneos Wealth Management Inc. purchased a new position in shares of RadNet during the fourth quarter worth approximately $25,000. Allworth Financial LP boosted its holdings in shares of RadNet by 346.6% in the third quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after purchasing an additional 305 shares during the period. Danske Bank A S purchased a new stake in shares of RadNet in the third quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in RadNet in the fourth quarter worth approximately $36,000. Finally, Harbour Investments Inc. bought a new position in RadNet in the fourth quarter worth approximately $42,000. 77.90% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other RadNet news, Director David L. Swartz sold 2,699 shares of RadNet stock in a transaction dated Thursday, June 18th. The stock was sold at an average price of $53.89, for a total value of $145,449.11. Following the transaction, the director owned 177,013 shares in the company, valued at $9,539,230.57. The trade was a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Cornelis Wesdorp sold 4,750 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the transaction, the chief executive officer owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 5.14% of the company’s stock.

RadNet Stock Performance

Shares of RDNT stock opened at $76.86 on Wednesday. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of -284.66 and a beta of 1.36. RadNet, Inc. has a 52-week low of $50.82 and a 52-week high of $85.84. The company has a quick ratio of 1.48, a current ratio of 1.48 and a debt-to-equity ratio of 0.94. The company’s 50 day moving average is $65.99 and its 200 day moving average is $62.07.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, August 10th. The medical research company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. RadNet had a positive return on equity of 2.61% and a negative net margin of 0.93%.The company had revenue of $622.72 million during the quarter, compared to analyst estimates of $610.87 million. During the same quarter in the prior year, the business earned $0.31 earnings per share. RadNet’s revenue was up 25.0% on a year-over-year basis. On average, sell-side analysts anticipate that RadNet, Inc. will post 0.49 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDNT shares. Zacks Research raised RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of RadNet in a research report on Friday, August 7th. Barclays cut their price target on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 20th. Truist Financial lifted their price objective on RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a report on Tuesday, August 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $88.00.

About RadNet

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.