First Eagle Investment Management LLC Reduces Holdings in RadNet, Inc. (NASDAQ:RDNT)

First Eagle Investment Management LLC reduced its holdings in shares of RadNet, Inc. (NASDAQ:RDNT) by 5.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,443 shares of the medical research company’s stock after selling 5,000 shares during the period. First Eagle Investment Management LLC owned about 0.13% of RadNet worth $5,447,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Nisa Investment Advisors LLC raised its holdings in RadNet by 774.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 848 shares of the medical research company’s stock worth $50,000 after purchasing an additional 751 shares during the period. GAMMA Investing LLC raised its stake in shares of RadNet by 74.7% in the second quarter. GAMMA Investing LLC now owns 865 shares of the medical research company’s stock worth $51,000 after buying an additional 370 shares during the period. Assetmark Inc. lifted its position in shares of RadNet by 35.2% during the 4th quarter. Assetmark Inc. now owns 3,183 shares of the medical research company’s stock valued at $111,000 after buying an additional 829 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of RadNet by 8.7% during the 1st quarter. SG Americas Securities LLC now owns 3,637 shares of the medical research company’s stock valued at $177,000 after acquiring an additional 291 shares during the period. Finally, Excalibur Management Corp purchased a new stake in RadNet in the 2nd quarter worth approximately $236,000. 77.90% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Truist Financial upped their price target on shares of RadNet from $63.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Jefferies Financial Group upped their target price on shares of RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a report on Thursday. Finally, Barclays raised RadNet from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $57.00 to $79.00 in a report on Friday, September 6th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company. Based on data from MarketBeat, RadNet presently has an average rating of “Moderate Buy” and a consensus price target of $72.25.

Insiders Place Their Bets

In other news, EVP Michael N. Murdock sold 15,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $62.78, for a total transaction of $941,700.00. Following the completion of the transaction, the executive vice president now directly owns 48,144 shares in the company, valued at approximately $3,022,480.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.12% of the company’s stock.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $69.34 on Friday. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 231.13 and a beta of 1.74. The firm has a fifty day moving average price of $63.03 and a 200 day moving average price of $56.72. RadNet, Inc. has a fifty-two week low of $25.11 and a fifty-two week high of $70.37. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12.

RadNet (NASDAQ:RDNT) last released its quarterly earnings data on Wednesday, August 7th. The medical research company reported $0.16 EPS for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a net margin of 0.58% and a return on equity of 4.30%. The company had revenue of $459.70 million for the quarter, compared to the consensus estimate of $438.53 million. During the same period last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, sell-side analysts expect that RadNet, Inc. will post 0.58 earnings per share for the current fiscal year.

RadNet 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.