RadNet, Inc. (NASDAQ:RDNT) Stake Boosted by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. grew its stake in shares of RadNet, Inc. (NASDAQ:RDNT) by 22.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,187 shares of the medical research company’s stock after purchasing an additional 578 shares during the quarter. PNC Financial Services Group Inc.’s holdings in RadNet were worth $223,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in RDNT. USA Financial Formulas bought a new position in shares of RadNet during the fourth quarter valued at approximately $30,000. Fifth Third Bancorp increased its position in RadNet by 84.3% in the 4th quarter. Fifth Third Bancorp now owns 667 shares of the medical research company’s stock valued at $47,000 after acquiring an additional 305 shares during the period. Smartleaf Asset Management LLC increased its position in RadNet by 377.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company’s stock valued at $96,000 after acquiring an additional 1,063 shares during the period. IFP Advisors Inc increased its position in RadNet by 39.1% in the 4th quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company’s stock valued at $119,000 after acquiring an additional 477 shares during the period. Finally, KBC Group NV increased its position in RadNet by 47.6% in the 4th quarter. KBC Group NV now owns 2,678 shares of the medical research company’s stock valued at $187,000 after acquiring an additional 864 shares during the period. 77.90% of the stock is owned by institutional investors.

RadNet Stock Performance

RDNT opened at $49.25 on Friday. The firm has a market cap of $3.65 billion, a PE ratio of -703.47 and a beta of 1.85. The company has a quick ratio of 2.16, a current ratio of 2.16 and a debt-to-equity ratio of 0.89. The business has a fifty day simple moving average of $58.78 and a 200-day simple moving average of $67.49. RadNet, Inc. has a fifty-two week low of $45.82 and a fifty-two week high of $93.65.

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

Insider Transactions at RadNet

In other news, CEO Cornelis Wesdorp sold 1,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.52, for a total value of $50,520.00. Following the completion of the sale, the chief executive officer now owns 55,995 shares of the company’s stock, valued at $2,828,867.40. This trade represents a 1.75 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director David L. Swartz sold 25,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $50.84, for a total value of $1,271,000.00. Following the completion of the sale, the director now directly owns 174,067 shares of the company’s stock, valued at approximately $8,849,566.28. This trade represents a 12.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,000 shares of company stock valued at $1,926,730 in the last three months. 5.12% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDNT has been the topic of several analyst reports. Raymond James upgraded RadNet from an “outperform” rating to a “strong-buy” rating and lowered their target price for the company from $85.00 to $65.00 in a research report on Wednesday, March 5th. StockNews.com upgraded RadNet to a “sell” rating in a research report on Wednesday. Jefferies Financial Group lowered their target price on RadNet from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Truist Financial reaffirmed a “buy” rating and set a $88.00 price target (down from $94.00) on shares of RadNet in a research note on Wednesday, January 22nd. Finally, Barclays decreased their price target on RadNet from $85.00 to $74.00 and set an “overweight” rating for the company in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, three have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $76.75.

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.