SEB Asset Management AB Takes $4.29 Million Position in RadNet, Inc. $RDNT

SEB Asset Management AB bought a new position in shares of RadNet, Inc. (NASDAQ:RDNT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 76,697 shares of the medical research company’s stock, valued at approximately $4,287,000. SEB Asset Management AB owned 0.10% of RadNet as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently bought and sold shares of RDNT. Swiss National Bank raised its stake in RadNet by 0.7% during the first quarter. Swiss National Bank now owns 129,900 shares of the medical research company’s stock valued at $7,260,000 after buying an additional 900 shares during the last quarter. Jennison Associates LLC increased its stake in RadNet by 1.3% during the 1st quarter. Jennison Associates LLC now owns 355,106 shares of the medical research company’s stock valued at $19,847,000 after purchasing an additional 4,491 shares in the last quarter. Future Fund LLC raised its holdings in RadNet by 26.2% in the first quarter. Future Fund LLC now owns 38,198 shares of the medical research company’s stock worth $2,135,000 after buying an additional 7,928 shares during the last quarter. Bessemer Group Inc. lifted its stake in shares of RadNet by 11.4% in the first quarter. Bessemer Group Inc. now owns 550,172 shares of the medical research company’s stock worth $30,749,000 after buying an additional 56,173 shares in the last quarter. Finally, Fifth Third Bancorp lifted its stake in shares of RadNet by 6,610.6% in the first quarter. Fifth Third Bancorp now owns 34,224 shares of the medical research company’s stock worth $1,913,000 after buying an additional 33,714 shares in the last quarter. 77.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

RDNT has been the subject of several analyst reports. Weiss Ratings downgraded shares of RadNet from a “sell (d)” rating to a “sell (d-)” rating in a research report on Tuesday, May 12th. Zacks Research downgraded RadNet from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Finally, Barclays reduced their target price on RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Two investment analysts have rated the stock with a Strong Buy rating, six have given a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, RadNet currently has an average rating of “Moderate Buy” and a consensus target price of $87.43.

Insider Buying and Selling at RadNet

In other RadNet news, CEO Cornelis Wesdorp sold 4,750 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $58.11, for a total transaction of $276,022.50. Following the completion of the sale, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at approximately $4,013,948.25. This represents a 6.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $53.89, for a total transaction of $145,449.11. Following the sale, the director owned 177,013 shares in the company, valued at approximately $9,539,230.57. The trade was a 1.50% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 5.60% of the company’s stock.

RadNet Stock Down 4.3%

Shares of RadNet stock opened at $59.22 on Thursday. RadNet, Inc. has a twelve month low of $50.76 and a twelve month high of $85.84. The company has a quick ratio of 1.17, a current ratio of 1.17 and a debt-to-equity ratio of 0.79. The company’s 50 day moving average is $58.33 and its 200 day moving average is $62.47. The company has a market cap of $4.66 billion, a price-to-earnings ratio of -328.98 and a beta of 1.37.

RadNet (NASDAQ:RDNT) last posted its earnings results on Monday, May 11th. The medical research company reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.14). The company had revenue of $575.63 million during the quarter, compared to the consensus estimate of $557.93 million. RadNet had a positive return on equity of 2.77% and a negative net margin of 0.66%.The company’s revenue for the quarter was up 22.1% on a year-over-year basis. During the same period last year, the firm posted ($0.50) EPS. Research analysts anticipate that RadNet, Inc. will post 0.54 EPS for the current year.

RadNet Profile

RadNet, Inc is a leading independent provider of outpatient diagnostic imaging services in the United States. Through a nationwide network of fixed-site imaging centers and affiliated joint-venture locations, the company delivers a comprehensive suite of radiology services including MRI, CT, PET/CT, ultrasound, X-ray, mammography, bone densitometry, nuclear medicine and interventional radiology procedures. RadNet also offers teleradiology and imaging management solutions to physician practices, hospitals and healthcare systems.

Founded in 1981 and headquartered in Los Angeles, RadNet has expanded its footprint organically and through strategic acquisitions.