Granahan Investment Management LLC Takes Position in RadNet, Inc. $RDNT

Granahan Investment Management LLC acquired a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund acquired 104,282 shares of the medical research company’s stock, valued at approximately $5,828,000.

A number of other institutional investors have also modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new stake in RadNet during the fourth quarter valued at approximately $25,000. Allworth Financial LP raised its position in shares of RadNet by 346.6% during the 3rd quarter. Allworth Financial LP now owns 393 shares of the medical research company’s stock valued at $30,000 after acquiring an additional 305 shares in the last quarter. Danske Bank A S acquired a new stake in shares of RadNet during the 3rd quarter valued at approximately $30,000. Eurizon Capital SGR S.p.A. bought a new position in RadNet during the fourth quarter worth $36,000. Finally, Harbour Investments Inc. bought a new position in RadNet during the fourth quarter worth $42,000. Institutional investors and hedge funds own 77.90% of the company’s stock.

Analyst Ratings Changes

RDNT has been the subject of several recent research reports. Zacks Research lowered shares of RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Finally, Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, RadNet presently has an average rating of “Moderate Buy” and a consensus target price of $87.43.

RadNet Price Performance

NASDAQ RDNT opened at $61.57 on Friday. RadNet, Inc. has a 52 week low of $50.76 and a 52 week high of $85.84. The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 0.79. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of -342.04 and a beta of 1.37. The company has a 50-day moving average price of $58.66 and a two-hundred day moving average price of $62.39.

RadNet (NASDAQ:RDNT) last announced its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The firm had revenue of $575.63 million during the quarter, compared to analyst estimates of $557.93 million. RadNet had a negative net margin of 0.66% and a positive return on equity of 2.77%. RadNet’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.50) EPS. Analysts forecast that RadNet, Inc. will post 0.54 EPS for the current year.

Insider Buying and Selling

In related news, CEO Cornelis Wesdorp sold 4,750 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $58.11, for a total value of $276,022.50. Following the completion of the transaction, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. This represents a 6.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $53.89, for a total value of $145,449.11. Following the completion of the sale, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. This represents a 1.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.60% of the company’s stock.

RadNet Profile

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.