Raymond James Financial Inc. Takes $33.09 Million Position in RadNet, Inc. (NASDAQ:RDNT)

Raymond James Financial Inc. acquired a new position in RadNet, Inc. (NASDAQ:RDNT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 473,791 shares of the medical research company's stock, valued at approximately $33,090,000. Raymond James Financial Inc. owned 0.64% of RadNet as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. USA Financial Formulas purchased a new stake in shares of RadNet in the 4th quarter valued at $30,000. Fifth Third Bancorp lifted its stake in RadNet by 84.3% in the fourth quarter. Fifth Third Bancorp now owns 667 shares of the medical research company's stock worth $47,000 after acquiring an additional 305 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of RadNet by 377.0% during the fourth 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 position in shares of RadNet during the 4th quarter worth about $106,000. Finally, IFP Advisors Inc increased 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 purchasing an additional 477 shares during the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other RadNet news, COO Norman R. Hames sold 5,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $49.79, for a total transaction of $248,950.00. Following the completion of the transaction, the chief operating officer now directly owns 261,959 shares of the company's stock, valued at approximately $13,042,938.61. This trade represents a 1.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 2,000 shares of the company's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $52.58, for a total value of $105,160.00. Following the completion of the sale, the chief executive officer now owns 58,995 shares of the company's stock, valued at approximately $3,101,957.10. This trade represents a 3.28 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 38,000 shares of company stock worth $1,926,730. 5.12% of the stock is currently owned by corporate insiders.

RadNet Trading Up 0.3 %

RDNT traded up $0.14 during trading on Tuesday, hitting $47.50. 60,709 shares of the company's stock were exchanged, compared to its average volume of 902,188. RadNet, Inc. has a 1 year low of $45.00 and a 1 year high of $93.65. The firm has a market cap of $3.52 billion, a P/E ratio of -678.80 and a beta of 1.59. The company has a current ratio of 2.16, a quick ratio of 2.16 and a debt-to-equity ratio of 0.89. The stock has a 50 day moving average price of $52.68 and a 200 day moving average price of $64.89.

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 (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.01. The firm had revenue of $477.10 million for the quarter, compared to the consensus estimate of $459.42 million. RadNet had a negative net margin of 0.25% and a positive return on equity of 4.29%. As a group, analysts expect that RadNet, Inc. will post 0.56 EPS for the current fiscal year.

Analyst Ratings Changes

RDNT has been the topic of a number of recent research reports. Truist Financial cut their target price on shares of RadNet from $88.00 to $74.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Raymond James upgraded RadNet from an "outperform" rating to a "strong-buy" rating and cut their price objective for the stock from $85.00 to $65.00 in a research report on Wednesday, March 5th. Barclays dropped their price objective on RadNet from $74.00 to $60.00 and set an "overweight" rating for the company in a research note on Monday, March 24th. Jefferies Financial Group reduced their target price on RadNet from $100.00 to $80.00 and set a "buy" rating on the stock in a research note on Wednesday, January 15th. Finally, StockNews.com raised shares of RadNet to a "sell" rating in a research report on Wednesday, March 19th. 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 company's stock. According to data from MarketBeat, RadNet presently has a consensus rating of "Buy" and an average price target of $69.75.

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.