IFP Advisors Inc Acquires 477 Shares of RadNet, Inc. (NASDAQ:RDNT)

IFP Advisors Inc boosted its position in RadNet, Inc. (NASDAQ:RDNT) by 39.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,697 shares of the medical research company’s stock after acquiring an additional 477 shares during the quarter. IFP Advisors Inc’s holdings in RadNet were worth $119,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in RDNT. Portolan Capital Management LLC increased its stake in RadNet by 384.8% in the third quarter. Portolan Capital Management LLC now owns 491,358 shares of the medical research company’s stock valued at $34,095,000 after acquiring an additional 390,011 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in RadNet by 30.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,475,995 shares of the medical research company’s stock valued at $103,532,000 after buying an additional 344,146 shares in the last quarter. Cerity Partners LLC boosted its position in RadNet by 131.4% in the third quarter. Cerity Partners LLC now owns 387,536 shares of the medical research company’s stock valued at $26,891,000 after buying an additional 220,068 shares in the last quarter. JB Capital Partners LP boosted its position in RadNet by 15.9% in the third quarter. JB Capital Partners LP now owns 1,504,061 shares of the medical research company’s stock valued at $104,367,000 after buying an additional 206,850 shares in the last quarter. Finally, WCM Investment Management LLC acquired a new stake in RadNet in the fourth quarter valued at approximately $14,110,000. 77.90% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. Truist Financial restated a “buy” rating and issued a $88.00 target price (down previously from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Barclays cut their target price on shares of RadNet from $85.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group cut their target price on shares of RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a sell rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, RadNet has an average rating of “Moderate Buy” and a consensus target price of $75.50.

RadNet Price Performance

Shares of NASDAQ:RDNT opened at $51.83 on Wednesday. The firm has a market cap of $3.84 billion, a PE ratio of -740.32 and a beta of 1.79. The firm’s fifty day moving average is $64.56 and its 200-day moving average is $68.91. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16. RadNet, Inc. has a 52 week low of $42.45 and a 52 week high of $93.65.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings results on Thursday, February 27th. The medical research company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.01. The company had revenue of $477.10 million for the quarter, compared to analyst estimates of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. Sell-side analysts predict that RadNet, Inc. will post 0.56 earnings per share for the current year.

About RadNet

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.