Bank of Montreal Can boosted its holdings in RadNet Inc. (NASDAQ:RDNT) by 10.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 83,008 shares of the medical research company’s stock after acquiring an additional 7,914 shares during the period. Bank of Montreal Can owned 0.16% of RadNet worth $1,242,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Nuveen Asset Management LLC lifted its holdings in RadNet by 0.4% in the first quarter. Nuveen Asset Management LLC now owns 187,073 shares of the medical research company’s stock valued at $1,966,000 after acquiring an additional 712 shares during the last quarter. New York State Teachers Retirement System lifted its stake in RadNet by 3.8% during the second quarter. New York State Teachers Retirement System now owns 21,998 shares of the medical research company’s stock worth $349,000 after purchasing an additional 796 shares in the last quarter. American International Group Inc. lifted its stake in RadNet by 4.5% during the second quarter. American International Group Inc. now owns 30,164 shares of the medical research company’s stock worth $479,000 after purchasing an additional 1,290 shares in the last quarter. Swiss National Bank lifted its stake in RadNet by 1.6% during the first quarter. Swiss National Bank now owns 82,900 shares of the medical research company’s stock worth $871,000 after purchasing an additional 1,300 shares in the last quarter. Finally, Comerica Bank lifted its stake in RadNet by 3.5% during the first quarter. Comerica Bank now owns 40,524 shares of the medical research company’s stock worth $506,000 after purchasing an additional 1,373 shares in the last quarter. Hedge funds and other institutional investors own 67.33% of the company’s stock.
In related news, insider Norman R. Hames sold 5,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $15.53, for a total value of $77,650.00. Following the completion of the sale, the insider now owns 527,619 shares in the company, valued at $8,193,923.07. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 5.77% of the stock is owned by company insiders.
Shares of RDNT opened at $14.82 on Wednesday. RadNet Inc. has a fifty-two week low of $5.81 and a fifty-two week high of $23.45. The company has a market capitalization of $764.34 million, a price-to-earnings ratio of -54.89 and a beta of 1.54. The firm has a 50-day simple moving average of $16.02 and a 200-day simple moving average of $15.05. The company has a debt-to-equity ratio of 2.73, a quick ratio of 0.65 and a current ratio of 0.65.
RadNet (NASDAQ:RDNT) last announced its earnings results on Monday, August 10th. The medical research company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.44) by $0.28. RadNet had a negative net margin of 1.25% and a negative return on equity of 4.28%. The business had revenue of $190.60 million during the quarter, compared to the consensus estimate of $190.58 million. During the same quarter in the prior year, the firm earned $0.12 earnings per share. The business’s quarterly revenue was down 34.1% compared to the same quarter last year. Equities research analysts forecast that RadNet Inc. will post -0.32 EPS for the current year.
RDNT has been the topic of a number of research reports. Zacks Investment Research upgraded RadNet from a “sell” rating to a “hold” rating and set a $20.00 price target on the stock in a research note on Wednesday, August 12th. BidaskClub raised RadNet from a “sell” rating to a “hold” rating in a report on Monday, September 7th. Raymond James increased their target price on RadNet from $18.50 to $22.00 and gave the company an “outperform” rating in a report on Tuesday, August 11th. Finally, Sidoti increased their target price on RadNet from $17.00 to $23.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $21.67.
RadNet Company Profile
RadNet, Inc, together with its subsidiaries, provides outpatient diagnostic imaging services in the United States. 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.
Further Reading: Sell-Side Analysts
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