Keybank National Association OH Sells 64,311 Shares of RadNet, Inc. $RDNT

Keybank National Association OH reduced its stake in RadNet, Inc. (NASDAQ:RDNT) by 69.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 28,725 shares of the medical research company’s stock after selling 64,311 shares during the quarter. Keybank National Association OH’s holdings in RadNet were worth $2,189,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AlphaQuest LLC raised its stake in shares of RadNet by 253.5% in the 3rd quarter. AlphaQuest LLC now owns 5,673 shares of the medical research company’s stock valued at $432,000 after purchasing an additional 4,068 shares during the period. Arizona State Retirement System grew its holdings in shares of RadNet by 5.3% during the third quarter. Arizona State Retirement System now owns 19,326 shares of the medical research company’s stock worth $1,473,000 after buying an additional 968 shares in the last quarter. Knights of Columbus Asset Advisors LLC grew its holdings in shares of RadNet by 3.4% during the third quarter. Knights of Columbus Asset Advisors LLC now owns 44,505 shares of the medical research company’s stock worth $3,392,000 after buying an additional 1,467 shares in the last quarter. Truist Financial Corp raised its position in RadNet by 9.9% in the 3rd quarter. Truist Financial Corp now owns 7,640 shares of the medical research company’s stock valued at $582,000 after buying an additional 687 shares during the last quarter. Finally, EFG Asset Management North America Corp. bought a new stake in RadNet in the 3rd quarter valued at approximately $1,300,000. 77.90% of the stock is owned by institutional investors and hedge funds.

RadNet Stock Performance

Shares of RDNT opened at $70.87 on Tuesday. The company has a market cap of $5.47 billion, a PE ratio of -416.86 and a beta of 1.49. The firm has a 50-day moving average of $74.82 and a 200-day moving average of $72.77. RadNet, Inc. has a one year low of $45.00 and a one year high of $85.84. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.87 and a quick ratio of 1.87.

RadNet (NASDAQ:RDNT) last issued its earnings results on Monday, November 10th. The medical research company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.03). RadNet had a negative net margin of 0.65% and a positive return on equity of 2.52%. The firm had revenue of $522.87 million during the quarter, compared to analyst estimates of $494.19 million. During the same quarter last year, the business posted $0.18 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. As a group, equities analysts forecast that RadNet, Inc. will post 0.56 earnings per share for the current year.

Insider Activity

In other news, CAO Mital Patel sold 15,080 shares of RadNet stock in a transaction that occurred on Wednesday, November 19th. The stock was sold at an average price of $80.05, for a total transaction of $1,207,154.00. Following the completion of the transaction, the chief accounting officer directly owned 180,138 shares in the company, valued at approximately $14,420,046.90. The trade was a 7.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold 50,000 shares of company stock valued at $3,902,254 over the last ninety days. Company insiders own 5.60% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group raised shares of RadNet to a “buy” rating in a research note on Tuesday, December 16th. Weiss Ratings restated a “sell (d-)” rating on shares of RadNet in a report on Monday, December 29th. Truist Financial set a $90.00 price target on shares of RadNet in a research note on Wednesday, December 17th. Raymond James Financial restated a “strong-buy” rating on shares of RadNet in a research note on Thursday, December 18th. Finally, KeyCorp raised RadNet to a “strong-buy” rating in a research report on Friday, January 9th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $90.33.

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.