Norges Bank Invests $56.38 Million in RadNet, Inc. (NASDAQ:RDNT)

Norges Bank purchased a new stake in shares of RadNet, Inc. (NASDAQ:RDNT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 807,289 shares of the medical research company's stock, valued at approximately $56,381,000. Norges Bank owned 1.09% of RadNet as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company raised its holdings in shares of RadNet by 3.5% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 38,796 shares of the medical research company's stock valued at $2,692,000 after buying an additional 1,323 shares during the period. D.A. Davidson & CO. purchased a new stake in RadNet during the 3rd quarter worth about $208,000. FMR LLC raised its position in RadNet by 0.3% in the 3rd quarter. FMR LLC now owns 701,396 shares of the medical research company's stock valued at $48,670,000 after purchasing an additional 2,242 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of RadNet by 128.2% in the 3rd quarter. BNP Paribas Financial Markets now owns 15,447 shares of the medical research company's stock valued at $1,072,000 after buying an additional 8,677 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of RadNet by 33.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,244 shares of the medical research company's stock worth $1,197,000 after buying an additional 4,332 shares during the period. 77.90% of the stock is currently owned by institutional investors and hedge funds.

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RadNet Trading Down 2.8 %

RDNT stock traded down $1.39 during midday trading on Tuesday, reaching $47.90. 1,025,477 shares of the company's stock traded hands, compared to its average volume of 646,822. The company has a debt-to-equity ratio of 0.89, a current ratio of 2.16 and a quick ratio of 2.16. The company has a market capitalization of $3.55 billion, a P/E ratio of -684.19 and a beta of 1.59. The business has a 50-day moving average price of $55.29 and a two-hundred day moving average price of $66.12. RadNet, Inc. has a fifty-two week low of $45.00 and a fifty-two week high of $93.65.

RadNet (NASDAQ:RDNT - Get Free Report) last issued its quarterly earnings data 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 firm 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%. Equities research analysts forecast that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Buying and Selling

In other RadNet news, Director David L. Swartz sold 25,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $50.84, for a total transaction of $1,271,000.00. Following the completion of the sale, the director now owns 174,067 shares of the company's stock, valued at $8,849,566.28. This represents a 12.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Cornelis Wesdorp sold 1,000 shares of the company's stock in a transaction 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 represents a 1.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,000 shares of company stock worth $1,926,730 over the last quarter. 5.12% of the stock is owned by company insiders.

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.