Bleakley Financial Group LLC Makes New $750,000 Investment in RadNet, Inc. (NASDAQ:RDNT)

Bleakley Financial Group LLC bought a new stake in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 10,810 shares of the medical research company's stock, valued at approximately $750,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Clearbridge Investments LLC bought a new position in shares of RadNet during the 1st quarter worth about $26,617,000. Allspring Global Investments Holdings LLC boosted its holdings in RadNet by 103.8% during the second quarter. Allspring Global Investments Holdings LLC now owns 1,011,974 shares of the medical research company's stock valued at $59,626,000 after purchasing an additional 515,342 shares in the last quarter. 8 Knots Management LLC acquired a new position in shares of RadNet in the 1st quarter worth approximately $20,273,000. Vanguard Group Inc. raised its holdings in shares of RadNet by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 4,600,539 shares of the medical research company's stock worth $223,862,000 after buying an additional 345,822 shares in the last quarter. Finally, Whittier Trust Co. bought a new position in shares of RadNet during the 2nd quarter worth approximately $11,069,000. 77.90% of the stock is currently owned by institutional investors.

RadNet Price Performance

NASDAQ:RDNT traded up $0.62 during mid-day trading on Tuesday, reaching $67.59. 264,299 shares of the company were exchanged, compared to its average volume of 550,414. RadNet, Inc. has a 12 month low of $25.11 and a 12 month high of $72.18. The stock has a market cap of $4.99 billion, a PE ratio of 225.30 and a beta of 1.74. The company has a quick ratio of 2.12, a current ratio of 2.12 and a debt-to-equity ratio of 0.92. The company has a fifty day moving average of $66.30 and a 200 day moving average of $60.06.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings results on Wednesday, August 7th. The medical research company reported $0.16 earnings per share for the quarter, missing analysts' consensus estimates of $0.17 by ($0.01). The company had revenue of $459.70 million during the quarter, compared to analyst estimates of $438.53 million. RadNet had a net margin of 0.58% and a return on equity of 4.30%. The business's revenue for the quarter was up 13.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.24 EPS. On average, research analysts anticipate that RadNet, Inc. will post 0.6 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Barclays upgraded RadNet from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $57.00 to $79.00 in a research note on Friday, September 6th. Sidoti upgraded shares of RadNet to a "strong-buy" rating in a research report on Friday, October 4th. Truist Financial boosted their price target on shares of RadNet from $70.00 to $80.00 and gave the company a "buy" rating in a research report on Monday, September 23rd. Finally, Jefferies Financial Group raised their price objective on shares of RadNet from $75.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, September 19th. One equities research analyst has rated the stock with a sell rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $74.75.

Insider Transactions at RadNet

In other news, EVP Michael N. Murdock sold 15,000 shares of the business's 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 directly owns 48,144 shares in the company, valued at approximately $3,022,480.32. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.12% of the stock is owned by corporate insiders.

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.