7,113 Shares in RadNet, Inc. $RDNT Bought by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC bought a new stake in shares of RadNet, Inc. (NASDAQ:RDNT) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 7,113 shares of the medical research company’s stock, valued at approximately $439,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its stake in shares of RadNet by 15.1% during the first quarter. Bank of America Corp DE now owns 589,610 shares of the medical research company’s stock worth $32,953,000 after acquiring an additional 77,198 shares during the last quarter. Van Berkom & Associates Inc. raised its position in shares of RadNet by 24.9% in the 1st quarter. Van Berkom & Associates Inc. now owns 1,028,586 shares of the medical research company’s stock valued at $57,488,000 after purchasing an additional 204,858 shares during the last quarter. E. Ohman J or Asset Management AB raised its position in shares of RadNet by 1,144.3% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 452,966 shares of the medical research company’s stock valued at $27,934,000 after purchasing an additional 416,563 shares during the last quarter. Edmond DE Rothschild Holding S.A. acquired a new stake in RadNet in the 2nd quarter worth approximately $1,172,000. Finally, Dimensional Fund Advisors LP boosted its stake in RadNet by 1.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,379,003 shares of the medical research company’s stock worth $77,074,000 after purchasing an additional 19,188 shares in the last quarter. 77.90% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on RDNT. Barclays decreased their price target on shares of RadNet from $70.00 to $65.00 and set an “overweight” rating for the company in a report on Wednesday, May 20th. Jefferies Financial Group reiterated a “buy” rating on shares of RadNet in a research note on Friday, July 31st. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a research note on Friday, August 7th. Zacks Research raised shares of RadNet from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 13th. Finally, Truist Financial lifted their price objective on shares of RadNet from $90.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, August 11th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $88.00.

Insiders Place Their Bets

In related news, Director David L. Swartz sold 2,699 shares of the firm’s stock in a transaction on Thursday, June 18th. The shares were 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. This trade represents a 1.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Cornelis Wesdorp sold 4,750 shares of RadNet stock in a transaction 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 transaction, the chief executive officer directly owned 69,075 shares of the company’s stock, valued at $4,013,948.25. The trade was a 6.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 5.14% of the company’s stock.

RadNet Trading Up 2.9%

Shares of NASDAQ:RDNT opened at $76.86 on Wednesday. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.94. RadNet, Inc. has a 12-month low of $50.82 and a 12-month high of $85.84. The business has a 50 day moving average of $65.99 and a two-hundred day moving average of $62.07. The company has a market capitalization of $6.05 billion, a PE ratio of -284.66 and a beta of 1.36.

RadNet (NASDAQ:RDNT) last issued its quarterly earnings data on Monday, August 10th. The medical research company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.09. The business had revenue of $622.72 million for the quarter, compared to analysts’ expectations of $610.87 million. RadNet had a negative net margin of 0.93% and a positive return on equity of 2.61%. The business’s revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the company earned $0.31 EPS. As a group, analysts forecast that RadNet, Inc. will post 0.49 EPS for the current year.

RadNet Company 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.