State of New Jersey Common Pension Fund D Trims Holdings in RadNet, Inc. (NASDAQ:RDNT)

State of New Jersey Common Pension Fund D trimmed its position in RadNet, Inc. (NASDAQ:RDNT) by 56.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,342 shares of the medical research company’s stock after selling 40,702 shares during the period. State of New Jersey Common Pension Fund D’s holdings in RadNet were worth $1,847,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in RadNet by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 4,254,717 shares of the medical research company’s stock worth $147,937,000 after purchasing an additional 32,483 shares in the last quarter. RTW Investments LP bought a new stake in RadNet in the fourth quarter valued at $23,073,000. UniSuper Management Pty Ltd bought a new stake in RadNet in the first quarter valued at $683,000. Janus Henderson Group PLC lifted its stake in RadNet by 108.6% in the first quarter. Janus Henderson Group PLC now owns 64,029 shares of the medical research company’s stock valued at $3,112,000 after buying an additional 33,335 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of RadNet by 103.4% during the first quarter. Russell Investments Group Ltd. now owns 249,898 shares of the medical research company’s stock valued at $12,160,000 after purchasing an additional 127,039 shares during the period. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at RadNet

In related news, EVP Michael N. Murdock sold 15,000 shares of RadNet stock in a transaction dated 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 owns 48,144 shares in the company, valued at $3,022,480.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 5.12% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on RDNT. Truist Financial boosted their price target on shares of RadNet from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Monday. Barclays upgraded shares of RadNet from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $57.00 to $79.00 in a report on Friday, September 6th. Finally, Jefferies Financial Group upped their target price on RadNet from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, September 19th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, RadNet currently has a consensus rating of “Moderate Buy” and a consensus target price of $74.75.

RadNet Stock Up 2.5 %

Shares of RDNT opened at $71.10 on Tuesday. The firm has a market capitalization of $5.25 billion, a price-to-earnings ratio of 237.00 and a beta of 1.74. The company has a debt-to-equity ratio of 0.92, a quick ratio of 2.12 and a current ratio of 2.12. The business’s fifty day moving average price is $63.20 and its two-hundred day moving average price is $57.01. RadNet, Inc. has a 52 week low of $25.11 and a 52 week high of $71.80.

RadNet (NASDAQ:RDNT) last posted its earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.01). RadNet had a return on equity of 4.30% and a net margin of 0.58%. The business had revenue of $459.70 million for the quarter, compared to the consensus estimate of $438.53 million. During the same quarter in the prior year, the firm posted $0.24 earnings per share. The business’s revenue was up 13.9% on a year-over-year basis. On average, analysts predict that RadNet, Inc. will post 0.58 earnings per share 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.