Franklin Resources Inc. Has $31.73 Million Stake in RadNet, Inc. (NASDAQ:RDNT)

Franklin Resources Inc. increased its stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) by 17.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 454,339 shares of the medical research company's stock after purchasing an additional 67,278 shares during the period. Franklin Resources Inc. owned approximately 0.61% of RadNet worth $31,731,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the stock. USA Financial Formulas bought a new position in RadNet during the fourth quarter worth about $30,000. Fifth Third Bancorp grew its position in shares of 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 purchasing an additional 305 shares during the period. Smartleaf Asset Management LLC increased its stake in RadNet by 377.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,345 shares of the medical research company's stock worth $96,000 after purchasing an additional 1,063 shares in the last quarter. Twin Tree Management LP acquired a new stake in RadNet during the 4th quarter worth approximately $106,000. Finally, IFP Advisors Inc lifted its stake in RadNet by 39.1% in the fourth quarter. IFP Advisors Inc now owns 1,697 shares of the medical research company's stock valued at $119,000 after buying an additional 477 shares in the last quarter. Institutional investors and hedge funds own 77.90% of the company's stock.

RadNet Stock Performance

Shares of RDNT stock traded down $2.01 during midday trading on Thursday, hitting $51.58. 195,607 shares of the company were exchanged, compared to its average volume of 648,451. RadNet, Inc. has a 52 week low of $45.00 and a 52 week high of $93.65. The firm has a market capitalization of $3.82 billion, a P/E ratio of -737.91 and a beta of 1.59. The firm's 50 day moving average price is $54.76 and its two-hundred day moving average price is $65.91. The company has a debt-to-equity ratio of 0.89, a quick ratio of 2.16 and a current ratio of 2.16.

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RadNet (NASDAQ:RDNT - Get Free Report) last released its quarterly earnings results 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 analysts' expectations 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 research analysts anticipate that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insiders Place Their Bets

In related news, COO Norman R. Hames sold 5,000 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $49.79, for a total value of $248,950.00. Following the completion of the transaction, the chief operating officer now owns 261,959 shares of the company's stock, valued at $13,042,938.61. The trade was a 1.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Cornelis Wesdorp sold 1,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.52, for a total transaction of $50,520.00. Following the sale, the chief executive officer now directly owns 55,995 shares of the company's stock, valued at approximately $2,828,867.40. This trade represents a 1.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,000 shares of company stock worth $1,926,730 in the last quarter. 5.12% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and lowered their target price for the stock from $85.00 to $65.00 in a report on Wednesday, March 5th. Jefferies Financial Group decreased their price objective on RadNet from $100.00 to $80.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. StockNews.com raised RadNet to a "sell" rating in a research report on Wednesday, March 19th. Truist Financial reissued a "buy" rating and set a $88.00 price target (down from $94.00) on shares of RadNet in a research report on Wednesday, January 22nd. Finally, Barclays lowered their price target on RadNet from $74.00 to $60.00 and set an "overweight" rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $73.25.

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.