Norges Bank Makes New Investment in RadNet, Inc. $RDNT

Norges Bank bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 450,721 shares of the medical research company’s stock, valued at approximately $32,159,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new position in shares of RadNet during the 4th quarter worth approximately $25,000. Allworth Financial LP grew its holdings 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 worth $30,000 after acquiring an additional 305 shares during the period. Danske Bank A S purchased a new position in shares of RadNet during the 3rd quarter worth approximately $30,000. Jones Financial Companies Lllp grew its holdings in shares of RadNet by 62.2% during the 3rd quarter. Jones Financial Companies Lllp now owns 446 shares of the medical research company’s stock worth $34,000 after acquiring an additional 171 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new position in shares of RadNet during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 77.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on RDNT. Jefferies Financial Group reiterated a “buy” rating and set a $91.00 target price on shares of RadNet in a report on Tuesday, March 3rd. Weiss Ratings downgraded RadNet from a “sell (d)” rating to a “sell (d-)” rating in a report on Tuesday, May 12th. Finally, Barclays reduced their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating on the stock in a report on Wednesday, May 20th. Two equities research analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $87.43.

Insider Transactions at RadNet

In related news, insider Alma Gregory Sorensen sold 15,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $62.15, for a total value of $932,250.00. Following the transaction, the insider directly owned 1,208,923 shares of the company’s stock, valued at approximately $75,134,564.45. This represents a 1.23% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.60% of the company’s stock.

RadNet Stock Performance

RadNet stock opened at $54.16 on Tuesday. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The company has a market capitalization of $4.26 billion, a P/E ratio of -300.87 and a beta of 1.41. The stock’s 50 day moving average is $55.72 and its 200 day moving average is $66.05. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84.

RadNet (NASDAQ:RDNT) last posted its quarterly earnings results on Monday, May 11th. The medical research company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.14). The company had revenue of $575.63 million during the quarter, compared to analysts’ expectations of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The business’s quarterly revenue was up 22.1% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.50) EPS. On average, equities research analysts predict that RadNet, Inc. will post 0.54 earnings per share for the current fiscal year.

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.